Existing-home sales in the U.S. rose to a seasonally adjusted annual rate (SAAR) of 4.24 million in December. This figure surpassed the consensus forecast, indicating a robust market. Inventory levels, which are not seasonally adjusted, typically drop in December and January, reaching their lowest points before peaking in mid-to-late summer. However, this December saw a significant year-over-year increase of 16.2% in inventory. Despite this, the months-of-supply, calculated using seasonally adjusted sales and non-adjusted inventory, fell to 3.3 months from 3.8 months the previous month. This suggests a tightening market even as inventory grows.
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