Severe weather hits existing-home sales; rebound expected

WASHINGTON -- Sales of existing single-family homes fell last month, but 2000 was the second-highest year on record, according to the National Association of Realtors (NAR). A rebound is likely, but the association is concerned it may be short lived.

Existing-home sales dropped 7.4% in December to a seasonally adjusted annual rate of 4.87 million units from an upward-revised level of 5.26 million units in November. Last month's sales activity was 5.3% below the 5.14-million unit pace in December 1999. However, 2000 tallied the second-highest sales total on record -- 5.03 million units, down 3.2% from the 5.20-million record in 1999.