Existing home sales unexpectedly rise in December

• December Existing Home Sales: +0.7% to 6.76M vs. 6.550M consensus and 6.710M prior (revised from 6.690M).
• Existing home sales totaled 5.64M in 2020, up 5.6% from 2019 and the most since before the Great Recession.
• Median existing home price for all housing types in December was $309.8K, up 12.9% Y/Y, as prices increased in every region.
• Total housing inventory at the end of December was 1.07M units, down 16% from November and 23% from a year ago.
• Unsold inventory is at an all-time low 1.9-month supply at the current sales pace vs. 2.3 months in November.
• Single-family home sales rose at a seasonally adjusted annual rate of 6.03M in December, up 0.7% from 5.99M in November; median existing single-family home price was $314.3K in December.