Gains in Existing Homes Sales, Followed By Nasty Revision Lower

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Existing home sales in the United States posted a jump of 4.3% for December in new data from the National Association of Realtors.  The seasonally adjusted and annualized rate was 4.57 million houses.  Where this data changes though in the December existing home sales data with a very nasty revision.  The annualized December sales was taken all the way down to 4.38 million units from what was originally reported as 4.61 million units and that created a drop of -0.5%.  The median sales price per existing home was down 2% year over year to a level of $154,700.00. Inventories are down to a 6.1-month supply at fell to only 2.31 million units.