The December Housing Sales Drop And The Reluctance To Sell

The National Association of Realtors (NAR) reported that sales of existing homes, or resales, declined sharply in December 2017. Falling 3.6% from November (revised lower), that merely suggests what other data has been pointing toward. The hurricanes that hit the South caused distortions in economic conditions, bunching up activity into especially October and November. The lower estimates for December appear to be little more than the (expected) dissipation of those storm disturbances.