Existing-home sales drop 2.2% in December

For all of 2007, the median sales price of an existing single-family home fell 1.8%.
JAN 24, 2008
By  Bloomberg
Existing-home sales declined in December, illustrating the weakness of the U.S. real estate market according to a report released today by the National Association of Realtors. For all of 2007, the median sales price of an existing single-family home fell 1.8%. Existing home sales, which account for single family, town homes, condominiums and co-ops, declined 2.2%. Seasonally adjusted, total sales for existing homes in December accounted for 4.89 million units. Total sales of existing homes are down from 5 million units in November of 2007, and down 22% from the 6.27 million units sold in December of 2006. “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,” said Lawrence Yun, chief economist for the NAR, in a statement. Prices of homes sold in December registered the biggest year-over-year decline on record, according to an industry trade group, and 2007 is the first year on record that has seen a drop. A report issued Thursday showed the problems in the housing market have not yet bottomed out.

Latest News

Maryland bars advisor over charging excessive fees to clients
Maryland bars advisor over charging excessive fees to clients

Blue Anchor Capital Management and Pickett also purchased “highly aggressive and volatile” securities, according to the order.

Wave of SEC appointments signals regulatory shift with implications for financial advisors
Wave of SEC appointments signals regulatory shift with implications for financial advisors

Reshuffle provides strong indication of where the regulator's priorities now lie.

US insurers want to take a larger slice of the retirement market through the RIA channel
US insurers want to take a larger slice of the retirement market through the RIA channel

Goldman Sachs Asset Management report reveals sharpened focus on annuities.

Why DA Davidson's wealth vice chairman still follows his dad's investment advice
Why DA Davidson's wealth vice chairman still follows his dad's investment advice

Ahead of Father's Day, InvestmentNews speaks with Andrew Crowell.

401(k) participants seek advice, but few turn to financial advisors
401(k) participants seek advice, but few turn to financial advisors

Cerulli research finds nearly two-thirds of active retirement plan participants are unadvised, opening a potential engagement opportunity.

SPONSORED RILAs bring stability, growth during volatile markets

Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today’s choppy market waters, says Myles Lambert, Brighthouse Financial.

SPONSORED Beyond the dashboard: Making wealth tech human

How intelliflo aims to solve advisors' top tech headaches—without sacrificing the personal touch clients crave