Existing home sales rise in 2020 to highest in 14 years

Sales of existing homes rose 0.7% in December, helping to push sales for the entire year to the highest level in 14 years, giving the economy a rare bright spot in a global pandemic

Sales of existing homes rose 0.7% in December, pushing the entirety of 2020 to a pace not seen in 14 years and providing one of the few bright spots for a U.S. economy mired in a global pandemic.

Rising sales in the final month of the year lifted activity to a seasonally adjusted annual rate of 6.76 million units, the National Association of Realtors reported Friday.

Sales rose to 6.48 million in 2020, the highest level since 2006 at the height of the housing boom.

The median sales prices was $309,800 in December, up 12.9% from a year ago.