Existing-home sales declined in December following several months of stable activity. Even so, total sales in 2007 were the fifth highest on record, NAR says. Total existing-home sales, including single-family, townhomes, condominiums and co-ops, slipped 2.2 percent to a seasonally adjusted annual rate of 4.89 million units in December from a pace of 5 million in November.

For all of 2007 there were 5,652,000 existing-home sales, the fifth highest year on record. Lawrence Yun, NAR chief economist, says the market is experiencing uncharacteristic weakness. "Home sales remain weak despite improved affordability conditions in many parts of the country, but we could get a quick boost to the market if loan limits are raised in combination with the bold cut in the Fed funds rate," he says. "Home prices are lower, mortgage interest rates continue to decline and incomes are higher, but many potential buyers are delaying a purchase."

<< back to News Room

2007 Home Sales Fifth Highest on Record
- Feb. 2008

NAR Campaign Relates Real Facts About Real Estate
- Feb. 2008

2007 REALTOR^® of the Year and Good Neighbor Awards Announced
- Oct. 2007

NAR is Turning 100
- Aug. 2007

Specialty License Plate Program
- Jan. 2007

The GRI is back!
- Dec. 2006