Dec. 29 (Bloomberg) — U.S. sales of previously owned homes declined last month to the lowest level since March, adding to evidence the housing market is cooling.
Home sales dropped 1.7 percent to a 6.97 million annual rate from October’s 7.09 million pace, the National Association of Realtors said today in Washington. The number of homes for sale increased to the highest level since April 1986.
Here is a link to the data:
The largest drop was seen in the Northeast with a -2.7% drop versus last month, and a -4.4% drop versus last year (seasonally adjusted of course). Evidence is starting to pile up all around us. The bubble burst is going to be undeniable in the upcoming year.