Today, the National Association of Realtors (NAR) released its existing-home sales report for December showing a decrease in sales. Total home sales dropped 1.0% since November, but climbed 12.8% above the level seen in December 2011.
Single-family home sales also declined falling 1.4% from November, but still rising 11.5% above the level seen in December 2011. The median selling price increased a notable 10.9% above the level seen a year earlier.
Inventory of single-family homes declined notably from November to 1.60 million units, dropping 21.2% below the level seen in December 2011. That, along with the sales pace, resulted in a monthly supply of 4.4 months. The following charts shows national existing single family home sales, median home prices, inventory, and months of supply since 2005.