Sales of US existing homes decrease on lack of supply

Sales of US existing homes unexpectedly dropped in December, restrained by the lowest supply of properties in more than a decade.

22nd January, 2013

Sales of US existing homes unexpectedly dropped in December, restrained by the lowest supply of properties in more than a decade.

Purchases fell 1 per cent to a 4.94 million annual rate last month, figures from the National Association of Realtors showed today in Washington. The reading was still the second-highest since November 2009. The median forecast of 79 economists surveyed by Bloomberg called for sales to increase to a 5.1 million rate.

Even with December’s slip, 4.65 million homes...

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