U.S. Existing Home Sales Down in December, Up in 2004

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Sales of existing homes in the United States fell by 3.3 percent in December from a record November high, a trade association report showed on Tuesday.


Sales of previously owned homes decreased to a seasonally adjusted annual rate of 6.69 million units last month from a downwardly revised 6.92 million unit rate in November, the National Association of Realtors said.


Analysts had expected sales to decline to a 6.8 million unit rate from November’s originally reported 6.94 million unit rate.


For 2004, home sales hit a record 6.68 million units, up 9.4 percent from the previous record set in 2003, as home buyers enjoyed the lowest mortgage rates in decades. It marked the fourth straight year that sales of existing homes had set a record.

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