Economics
U.S. Home Resales Fall to Three-Year Low, Missing Estimates
An "Open House" sign is displayed as potential home buyers arrive at a property for sale in Columbus, Ohio.
Photographer: Ty Wright/BloombergThis article is for subscribers only.
Sales of previously owned U.S. homes fell to the weakest pace in more than three years, falling short of estimates and indicating the housing market remained in a slowdown as the year ended.
Contract closings decreased 6.4 percent from the prior month to an annual rate of 4.99 million in December, the National Association of Realtors said Tuesday. The median sales price rose 2.9 percent from a year earlier, the least since February 2012, to $253,600, while inventory increased.