Closed sales of previously owned homes in December fell 4.6% to a seasonally adjusted, annualized rate of 6.18 million units, according to the National Association of Realtors.

The median price of an existing home sold in December was $358,000, an increase of 15.8% compared with December 2020.

There were just 910,000 homes for sale at the end of December, a drop of 14.2% from December 2020.