Dec existing home sales -3.6% to 5.57 mln...>

US DATA: Dec existing home sales -3.6% to 5.57 mln saar, below expectations for

5.70m and following a slight downward revisions to the previous month to 5.78m.

Still, the annualized November and December sales rates were above the full year

level of 5.51m for 2017 (high since 2006), suggesting a solid end to the year.

- Sales were -2.6% for single-family homes and -11.6% for condos. There were

sales declines in all four regions of the country.

- The supply of homes -11.4% to record low 1.48m, pulling the months supply down

to 3.2 months even with the sales decline. The months supply was also a record

low and a key factor in surging prices. The median sales price fell slightly in

December to $246,800, but was up 5.8% from a year earlier, well outpacing the

rate of wage growth. 

- NAR's VP Bishop said the improvement in 2017 reflects strong job growth and

low mortgage rates, but NAR remains concerned about low inventory and surging

prices.