Jerry Freeman/CNN
Hide Caption

US home sales edged up 1 percent in December

a a a a
Share this story

WASHINGTON (AP) — Sales of existing U.S. homes edged up slightly in December, helping to lift sales for the year to the highest level in seven years.

The National Association of Realtors says sales increased to an annual rate of 4.87 million units last month, up 1 percent from the November sales pace. However, both months represented a slower pace of sales than earlier in 2013, reflecting the drag from higher mortgage rates and higher home prices.

For all of 2013, sales totaled 5.09 million, the best performance since 2006, when sales totaled 6.48 million. However, the sales gains in both 2005 and 2006 represented an unsustainable housing bubble. Analysts say a more normal sales pace currently would be around 5.5 million units.

The median price of an existing home rose 11.5 percent last year to $197,100, the highest in eight years.

Copyright 2014 Scripps Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Print this article

Comments

Hmm... It looks like you’re not a WCPO Insider. or Subscribe now to contribute!

More National Business
American, US Airways tweak fees, mileage rules
American, US Airways tweak fees, mileage rules

If you use miles to get a free ticket on American Airlines, you may have to pay to check that suitcase.

How much of your beer money goes to taxes?
How much of your beer money goes to taxes?

The states on each side of the Ohio River are at opposite spectrums when it comes to how much your favorite pint of beer is taxed.

Luxottica shares rise on Google Glass deal
Luxottica shares rise on Google Glass deal

Shares in Italian eyewear maker Luxottica have risen sharply on the announcement that it will make frames for Google's new…

RadioShack closing 1,100 stores as troubles grow
RadioShack closing 1,100 stores as troubles grow

RadioShack plans to close up to 1,100 stores in the U.S. as its troubles continue to grow.

Data-breach costs take toll on Target profit
Data-breach costs take toll on Target profit

Target Corp says the massive data breach over the holidays helped push its profit down 46 percent.

Yellen: Cont'd pullback in Fed stimulus likely
Yellen: Cont'd pullback in Fed stimulus likely

Federal Reserve Chair Janet Yellen says that if the economy keeps improving, the Fed will take "further measured steps" to reduce…

Applications for US jobless benefits fall to 331
Applications for US jobless benefits fall to 331

The number of people applying for U.S. unemployment benefits declined 20,000 last week to 331,000, suggesting that Americans are facing fewer…

CVS Caremark to stop selling tobacco products
CVS Caremark to stop selling tobacco products

CVS Caremark is kicking the habit of selling tobacco products at its more than 7,600 drugstores nationwide.

Satya Nadella tapped as new Microsoft CEO
Satya Nadella tapped as new Microsoft CEO

Microsoft has named Satya Nadella, an executive in charge of the company's small, but growing business of delivering software and…

Markets steady despite massive sell-off in Japan
Markets steady despite massive sell-off in Japan

Financial markets steadied Tuesday after the turmoil of the previous day reverberated into the Asian session. However, lingering concerns…

Market Summary
The Dow Jones Industrial Average SM is proprietary to and is calculated, distributed and marketed by Dow Jones Indexes, a licensed trademark of CME Group Index Services LLC and have been licensed for use. "Dow Jones(r)", "Dow Jones Indexes" and "Dow Jones Industrial Average SM" are service marks of Dow Jones Trademark Holdings, LLC. "CME" is a trademark of Chicago Mercantile Exchange Inc. All content of the Dow Jones Industrial Average (c) CME Group Index Services LLC 2010.