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Existing home sales rose in December

Men work on new homes under construction in the Kingstowne area of Fairfax, Virginia, on Labor Day, September 6, 2010. UPI/Roger L. Wollenberg
Men work on new homes under construction in the Kingstowne area of Fairfax, Virginia, on Labor Day, September 6, 2010. UPI/Roger L. Wollenberg | License Photo

WASHINGTON, Jan. 20 (UPI) -- Sales of existing homes turned higher in December, the National Association of Realtors said Thursday.

Sales of single-family homes, including co-ops, condominiums and townhouses, rose 12.3 percent compared to November after rising 5.6 percent in the previous month. On an annual rate, 5.28 million units per year were sold in December, up from 4.7 million in November.

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Sales rose, but home prices remained flat due to a rise in sales of distressed homes, which are typically discounted 10 percent to 15 percent, NAR Chief Economist Lawrence Yun said.

In December, the national median price for existing homes fell 1 percent from December 2009 to $168,800.

Sales of distressed homes, rose to 36 percent of the market share, up from 33 percent in December and 32 percent recorded in December 2009.

A distressed home is one with the mortgage in default or involved in foreclosure.

NAR said the housing inventory at the end of the month fell 4.2 percent to 3.56 million homes, an 8.1-month supply at the current pace of sales.

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