Here’s some numbers for you to spin, or unspin. The NAR says existing home sales in December actually rose compared to November. The 4.7 million annualized rate was 6.5% higher than in November, and analysts had been looking for a decline.
What’s particularly interesting is the regional breakdowns. You’ll see a big turnaround in the South and the West (terribly hard hit) but a decline in the Northeast, suggesting that different regions are in different stages of the housing cycle. Indeed, NYC may only be at the precipice.
Median home prices again fell in the month, and are now down 15% since last year to $175,400.