Existing Home Sales Decrease in 2014

Existing-home sales increased in December and climbed above an annual pace of five million sales for the sixth time in seven months, according to the National Association of Realtors (NAR). Median home prices for 2014 rose to their highest level since 2007, although total sales dropped from 2013. For all of 2014, there were 4.93 million sales, a 3.1 percent decrease from 2013 (5.09 million). The NAR report also concluded that the percent share of first-time buyers was 29 percent in December, down from 31 percent in November but up from a year ago (27 percent). First-time buyers in 2014 represented an average of 29 percent for the second straight year.

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