Existing home sales soared 14.7% to a seasonally adjusted 5.46 million-unit rate in December from an unrevised 4.76 million pace the previous month, the National Association of Realtors announced Friday.
The November rate was originally reported as down 10.5% to a 4.76 million pace.
The December rate represents a 7.7% increase from the same month a year ago, and surpassed of the median 5.20 million unit pace predicted by economists polled by Thomson Reuters.
"While the carryover of November's delayed transactions into December contributed greatly to the sharp increase, the overall pace taken together indicates sales these last two months maintained the healthy level of activity seen in most of 2015," said NAR chief economist Lawrence Yun. "Additionally, the prospect of higher mortgage rates in coming months and warm November and December weather allowed more homes to close before the end of the year."
Sales in December rose in all four regions. They were up 10.9% in the Midwest, 14.6% in the South, 23.2% in the West, and 8.7% in the Northeast.
The median sales price was $224,100 in December, a 7.6% increase from a year ago.
Inventory levels fell 12.3% from the previous month to 1.79 million existing homes, representing a 3.9-month supply at the current pace. Inventory was down 3.8% from the December 2014 level.
