**MNI: 5 Things We Learned From The Existing Home Sales Data

By Sara Haire, Kevin Kastner, and Holly Stokes

     WASHINGTON (MNI) - The following are the key points from the December

existing home sales data released Wednesday by the National Association of

Realtors:

     - December existing home sales -3.6% to 5.57M vs 5.70M expected, and

November was revised down slightly to 5.78M. The 2017 existing home sales

increased to 5.51M from 2016's 5.45M, making 2017 the best year since 2006.

NAR's forecast for 2018 home resales is 5.52M, with the modest increase

reflecting inventory constraints.

     - December home supply -11.4% to 1.48M, and -10.3% year/year, allowing the

months supply to slip to 3.2 months from 3.5 months in November and 3.6 months a

year ago. This months supply is the lowest since the series start in January

1999.

     - NAR's VP of Research Paul Bishop said that despite the modest decline in

existing home sales in December, 2017 as a whole represents solid job growth,

robust demand, and low mortgage rates. 2017 was the sixth consecutive year of

price growth. 

     - National median sales price +5.8% y/y to $246,800 in December.

     - December resales were down in all regions, with the Northeast -7.5%,

Midwest -6.3%, South -1.7%, and West -1.6%.

--MNI Washington Bureau; +1 202-371-2121; email: holly.stokes@marketnews.com

[TOPICS: MAUDR$,MAUDS$,M$U$$$]