WASHINGTON — U.S. home sales cratered in December, causing price growth to slip to the lowest level in more than six years as the housing sector ended 2018 on a decidedly weak note.
The National Association of Realtors said Tuesday that sales of existing homes plunged 6.4 percent to a seasonally adjusted annual rate of 4.99 million last month, the worst pace in almost three years. For all of 2018, sales of existing homes fell 3.1 percent from a year ago to 5.34 million units, the weakest total since 2015.
“Looking ahead to 2019, expect weaker existing-homes sales as the new year ushered in a government shutdown and worsening economic uncertainty,” said Cheryl Young, a senior economist at Trulia.
Home sales have slowed after years of strong price growth and modest inventories hurt affordability. More properties are sitting on the market, as days until a signed contract increased to 46 from 40 days a year ago.
