Pursuits

Existing U.S. Home Sales Fell in Dec.; 2016 Best in Decade

‘Not enough homes available for sale,’ NAR economist says
Low inventory portends further gains in home prices in 2017

Prospective home buyers view a kitchen while touring a house for sale in Helotes, Texas, U.S., on Sunday, Feb. 21, 2016. The National Association of Realtors is expected to release existing home sales figures on February 23.
Photographer: Matthew Busch/Bloomberg

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By Sho Chandra and Patricia Laya

January 24, 2017 at 3:00 PM UTC

Updated on

January 24, 2017 at 4:54 PM UTC

This article is for subscribers only.

Sales of previously owned U.S. homes declined more than forecast in December, data from the National Association of Realtors data showed Tuesday. Still, sales for the full year were the strongest since 2006.

Housing stayed strong as the year came to a close, with solid hiring, faster wage gains, and improved household finances driving demand, though a shortage of listed homes restrained sales. In recent weeks, optimism about President Donald Trump’s plans to ease regulations and spur economic growth has triggered a surge in mortgage rates that poses a hurdle for potential buyers in 2017.