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U.S. home sales hit highest mark in 9 years in 2015

WASHINGTON — U.S. home sales rebounded in December after new regulations had delayed the completion of purchases in November. And total sales in 2015 were the most in nine years.

The National Association of Realtors said Friday that sales of existing homes climbed 14.7 percent last month to a seasonally adjusted annual rate of 5.46 million. Sales had previously plummeted as the industry adapted to new mortgage disclosure rules — a temporary downturn before delayed sales were finalized in December.

Last month’s rebound concluded a year that produced the highest annual sales total since 2006. Steady job growth and low mortgages drew more buyers into the market, causing both sales and prices to climb. Americans bought roughly 5.26 million homes in 2015, a 6.5 percent increase over 2014. The median sales price rose 6.8 percent to $222,400.

The Realtors forecast that sales will stay flat in 2016 and that the median price will rise more than 4 percent. A price increase that big would compound a problem for many would-be buyers: A rising proportion of homes are unaffordable. Home values rose last year at more than twice the pace of pay.

Despite greater demand, the housing market continues to recover slowly from the bursting of the housing bubble more than eight years ago. Sales remain well below their peak of 7.08 million in 2005, when adjustable-rate mortgages with no money down and other risky loans fueled a buying frenzy that eventually fizzled and triggered the worst downturn since the Great Depression.

More traditional buyers returned to the market last year as cash investors pulled back. But the number of listings shrank, giving those shopping for a home fewer options and causing prices to rise.

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