Blame it on slightly higher mortgage rates and a lack of homes for sale. The National Association of Realtors reported existing home sales fell by 2.8% in December to an annualized rate of 5.45 million units, the highest level since 2006.
Nationwide, the median price of a home sold last month was $232,200, up 4.0% from December 2015.
Here's the problem. it is hard to buy a house when there are only a few houses for sale. The NAR report said the supply of homes for sale has dropped to the lowest level since the group started keeping track of inventories in 1999.
Also of note, 32 percent of also homes purchased in 2016 were bought by first-time buyers.