There was a lot of activity by buyers to purchase homes before mortgage rates increased.
NEW YORK (CNNMoney) -- Sales of existing home jumped in December, marking the fifth month of gains in the past six months, an industry report said Thursday.
Sales of previously-owned homes climbed 12.3% in December to an annual rate of 5.28 million, from 4.70 million in November, according to the National Association of Realtors. The rate was down 2.9% from 12 months earlier
The rate in December came in much higher than expected. A consensus of experts surveyed by Briefing.com had forecast an annualized sales rate of 4.8 million.
The inventory of homes on the market fell 4.2% in December to 3.56 million units. The median price of all existing homes sold in December was $168,800, down 1% from a year ago.