US home sales edged up slight 1 per cent in December, boosting 2013 sales to highest since 2006

In this Thursday, Jan. 9, 2014, photo, a for sale sign hangs in front of a house in Mount Lebanon, Pa. The National Association of Realtors releases existing home sales for December, on Thursday, Jan. 23, 2014. (AP Photo/Gene J. Puskar)

WASHINGTON - 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 per cent 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 totalled 5.09 million, the best performance since 2006, when sales totalled 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 per cent last year to $197,100, the highest in eight years.


Karis Wilson was dismissed from Norkam Secondary over this outfit.
POLL: Should schools and teachers dictate how students should dress in class?
A Grade 12 student from Kamloops was told to change or go home earlier this week because of her outfit — a black dress with lace that she wore over a long-sleeve turtleneck. According to Karis Wilson and her father Chris, the dress made her
OH SHE GLOWS Cozy Butternut Sweet Potato & Red Lentil Stew
iNwine Weekend Recipe: OH SHE GLOWS cozy butternut sweet potato & red lentil stew
Let's make it a veggie night shall we? This delicious recipe is vegan, gluten-free, nut-free, refined sugar-free, soy-free and it is amazing! Perfect for this still winterish weather, our bodies seem to be crying out for vitamins under the de

Top News