The U.S. Home sales growth in December last year exceeded expectations, and the year 2020 wrote the highest record in 14 years, because of the record low mortgage rates and the new crown Epidemic, driving strong demand to buy homes.
The National Association of Realtors (NAR) released information on the 22nd, the United States last December home sales increased slightly by 0.7% compared to November, an annual increase of 22%, seasonally adjusted and converted to an adult rate of 6.76 million, better than market expectations of 6.56 million; annual home sales increased to 5.64 million, higher than the previous two years of 5.34 million, but also wrote the highest level since 2006 The year’s home sales rose to 5.64 million, up from 5.34 million in the previous two years and the highest level since 2006.
The U.S. housing market plummeted in March and April last year, but then suddenly rebounded rapidly. With the epidemic forcing people to work and attend school from home, home buyers are looking for more spacious homes in the suburbs with dedicated work and study space.
The strong demand for homes led to a tightening of the already tight inventory of completed homes earlier this year. According to NAR data, the inventory of homes for sale in the U.S. fell 23% annually to 1.07 million in December last year. At the current rate of sales, the remaining supply of homes will last only 1.9 months, the lowest since Realtors began keeping records in 1982.
Home prices continue to soar as demand outstrips supply, with the median sale price of a home increasing 12.9% annually to $309,800 in December last year, the highest ever recorded in December, partly due to a higher supply of completed homes in the high-end housing market, driving up prices.
The number of completed homes sold for more than $1 million jumped 94 percent year-over-year last December, while sales of homes priced between $500,000 and $750,000 increased 65 percent year-over-year and sales of homes priced less than $100,000 decreased 15 percent year-over-year.
Bloomberg reports that with President Joe Biden‘s economic bailout package, it is expected to drive up U.S. household incomes and make the housing market even hotter this quarter.
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