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Existing Home Sales Rally after TRID-related November Loss

Friday, January 22, 2016

It is hard to sort out the closings scheduled for December from those delayed into the month from November by problems with the new Truth-in-Lending disclosure (TRID) rule. The bottom line however is that existing home sales rose by 14.7 percent from November to December The National Association of Realtors® (NAR) said the seasonally adjusted annual rate of sales during the month was 5.46 million homes compared to 4.76 million in November.

The monthly increase was the largest ever reported by NAR and more than offset the 10.5 percent plunge in sales in November, the largest slowdown since 2010, reducing the rate below that of November 2014.  The December sales returned the rate to positive territory, 7.7 percent higher than in December 2014.  All four regions of the country shared in the large increase.

 

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