The American housing market is starting to show some surprising signs of weakness. U.S. home sales tumbled to their lowest level in three years in December and house price increases slowed sharply, according to the National Association of Realtors.
Existing home sales declined 6.4 percent to a seasonally adjusted annual rate of 4.99 million units last month. That was the lowest level for that figure since November 2015. Existing home sales, which make up about 90 percent of U.S. home sales, dropped 10.3 percent on a year-over-year basis.
Meanwhile, the median existing house price increased just 2.9 percent from a year ago, to $253,600 in December. That was the smallest monthly increase since February 2012.
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