WASHINGTON, Jan. 24 (UPI) -- Existing-home sales ended 2007 on a down note, both in sales and median price, the National Association of Realtors said Thursday.
Resales fell in December to a 4.89 million annual rate, a 2.2 percent decrease, from November's unrevised 5 million annual pace, the NAR report said. For the year, existing-home sales tumbled 13 percent to 5.65 million.
The median home price was $208,400 in December, down 6 percent from $221,600 in December 2006. For all of 2007, the median price fell 1.4 percent to $218,900, the Wall Street Journal said.
The market is suffering "uncharacteristic weakness," said NAR economist Lawrence Yun adding, "Home sales remain weak despite improved affordability conditions in many parts of the country."
