December Home Sales Increase Five Percent

Washington, DC, Jan. 20, 2012 -- December home sales rose 5% to a seasonally adjusted annual rate of 4.61 million, according to the National Association of Realtors.

November sales were revised down to 4.39 million from an initially reported 4.42 million.

Economists had expected sales at a 4.7 million clip in December.

For all of 2011, sales edged up 1.7% to 4.26 million, compared to the 2005 peak of 7.08 million.

Median sales prices in December fell 2.5% from the same period of 2010 to $164,500, and for the year, median prices were $166,100, down 3.9% and back to 2002 levels.

Inventories fell 9.2% to 2.38 million, which represents 6.2 months of supply.