The number of existing homes sold in December rose 6.5% from the previous month, according to a report released Monday, as bargain hunters took advantage of plummeting prices.
The National Association of Realtors said that home sales increased to a seasonally-adjusted, annualized rate of 4.74 million units. That’s up from a revised pace of 4.45 million units sold in November and more than the rate of 4.4 million units projected by a consensus of industry analysts as reported by Briefing.com.
“We have some months to go before we are out of the woods on the housing front,” said Robert Dye, senior economist at PNC financial services group. Especially considering “weak consumer confidence and ongoing rapid deterioration in labor markets.”
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