WASHINGTON (AP) – U.S. home sales rebounded in December after new regulations had delayed the completion of purchases in November. And total sales in 2015 were the most in nine years.
The National Association of Realtors said Friday that sales of existing homes climbed 14.7 percent last month to a seasonally adjusted annual rate of 5.46 million. Sales had previously plummeted as the industry adapted to new mortgage disclosure rules – a temporary downturn before delayed sales were finalized in December.
Last month’s rebound capped a year that produced the highest annual sales total since 2006. Steady job growth and low mortgages drew more buyers into the market, causing both sales and prices to climb steadily.
Americans bought roughly 5.26 million homes in 2015, a 6.5 percent increase over 2014. The median sales price rose 6.8 percent to $222,400.
The Realtors forecast that sales will stay flat in 2016 and that the median price will rise more than 4 percent. A price increase that big would compound a problem for many would-be buyers: A rising proportion of homes are unaffordable. Home values rose last year at more than twice the pace of pay.