US home sales fall with available properties at a record low

By CHRISTOPHER RUGABER
AP Economics Writer

WASHINGTON (AP) — Sales of previously occupied homes fell in December for the first time in four months as many would-be buyers were frustrated by a lack of available houses, which fell to the lowest level in more than two decades. Existing home sales dropped 4.6% last month from November, to a seasonally adjusted annual rate of nearly 6.2 million, the National Association of Realtors said Thursday. The demand for homes remains healthy, the Realtors said, with median prices jumping nearly 16% from a year ago to $358,000. Homes sold in an average of 19 days, slightly higher than in the summer but still quite rapid.