Industry News

Median existing-home price rises 1.1% in 2006

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Existing-home sales dropped 8.4 percent in 2006 to 6.48 million from a record 7.08 million in 2005, the National Association of Realtors trade group reported today. The annual sales total was the third highest on record. The national median existing-home price for all housing types was $222,000 in December, which is unchanged from December 2005. For all of 2006, the median price was also $222,000, up 1.1 percent from the median price in 2005. The seasonally adjusted annual rate of existing-home sales in December -- including single-family, townhomes, condominiums and co-ops -- was 7.9 percent below the pace in December 2005 and 0.8 percent below the November rate. This rate is a projection of a monthly sales total over a 12-month period, adjusted for seasonal fluctuations in sales activity. Total inventory of for-sale housing in December dropped 7.9 percent since November to 3.51 million but was up 23.3 percent compared to inventory in December 2005. That represents a 6.8-month s...