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		Home Page We're about Mortgage News You Can Use   Existing Home Sales Surge in December January 26, 2004 10:37:00 AM ET By Alister Bull WASHINGTON (Reuters) - Sales of existing U.S. homes rose by a much stronger than expected 6.9 percent in December, the National Association of Realtors said on Monday, taking the full year to a new record rate. Sales of previously owned homes rose to a seasonally adjusted annual rate of 6.47 million units from a revised 6.05 million in November. Wall Street economists surveyed by Reuters had forecast December existing home sales at a 6.10 million unit rate. ``Housing continues to boom because interest rates are still at historic lows,'' said David Lereah, chief economist at NAR. NAR said that there had been 6.1 million homes sold in existing homes in 2003, shattering the old record of 5.56 million in 2002. NAR also said prices rose 7.5 percent last year versus 2002, the highest rise since 1980 when prices rose 11.7 percent. Lereah said this rise was no sign of an overheating property market, rather demand outstripping supply. ``There is no bubble ... the reason we have got such strong price appreciation is because we've got lean inventories.'' Inventories fell in December by 7.3 percent compared to the previous month to a total of 2.23 million homes for sale, which NAR said was equal to 4.3 months' supply at the current pace of sales. ``We have a supply problem in this country, not a demand problem,'' Lereah said. The NAR expected the first quarter to continue strong but the pace of sales to moderate this year as mortgage rates edge up in the months ahead. It projected a 4 percent sales decline in 2004 compared with 2003. © 2004 Reuters Back to Original Article: Mortgage News You Can Use   Continue with: Fed Looks to Stand Pat on Interest Rates Bush withdraws mortgage regulator nominee Home Resales in U.S. Rise to 6.47 Million Rate, Ending Best Year on Record Greenspan is confident lost jobs will be replaced CBO Projects Record Deficit Weak Dollar Helps U.S. Firms, for Now U.S. Budget Office Deepens Fiscal Gloom for Bush U.S. Budget Office Deepens Fiscal Gloom for Bush Part Two Treasuries in No Mood for Risk Before Fed Rates on Short-Term Treasury Bills Rise Clinton Criticizes Bush Administration On Economy Greenspan: Flexible economy will replace jobs US Treasury's Snow: Global growth to top G7 agenda US TREASURY OUTLOOK-Consumer mood is market focus What the Fed is considering at FOMC meeting Hill budget office sees 10-year deficits totaling nearly $2.4 trillion Dollar Trade Choppy Before G7 Meeting Major business and economic events Economic growth could be derailed by soaring energy prices
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