Seasonal Sales

Existing-home sales jumped in December to a seasonally adjusted annual rate (SAAR) of 6.76 million, the highest level since 2006. Usually, sales weaken in December but due to Covid-19 seasonality has disappeared. Had December’s sales of 540,000 occurred in July, it would have resulted in a seasonally adjusted rate of just 5.3 million. The December SAAR number is so high because December sales have averaged about 400,000 since 2005.