US: Existing home sales decline by 6.4% in December following November's 2.1% increase

"Total existing-home sales, completed transactions that include single-family homes, townhomes, condominiums and co-ops, decreased 6.4 percent from November to a seasonally adjusted rate of 4.99 million in December," the National Association of Realtors reported on Tuesday.

Key takeaways from the press release

•  Sales are now down 10.3 percent from a year ago.
• Softer sales in December reflected consumer search processes and contract signing activity in previous months when mortgage rates were higher than today.
• Now, with mortgage rates lower, some revival in home sales is expected going into spring.
• The median existing-home price for all housing types in December was $253,600, up 2.9 percent from December 2017.