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2006 8.4% decline in existing homes largest since 1982
U.S. 2006 existing home sales fall 8.4% to 6.48 mln
U.S. Dec. existing home median price unchanged at $222,000
U.S. Dec. existing-home inventory down 7.9% to 3.51 mln
U.S. Dec. existing home sales weaker than 6.24 mln expected
U.S. Dec. existing-home sales fall 0.8% to 6.22 mln rate

ECONOMIC REPORT: Existing home sales fall 0.8% to 6.22 million; Realtors say sales 'have appeared to hit bottom'
By Rex Nutting, MarketWatch Last Update: 10:00 AM ET Jan 25, 2007

WASHINGTON (MarketWatch) -- Sales of U.S. existing homes fell 0.8% in December to a seasonally adjusted annual rate of 6.22 million, a national real estate group reported Thursday.
Sales in December were down 7.9% compared with December 2005.
Inventories of unsold homes fell 7.9% to 3.51 million, representing a 6.8-month supply, the National Association of Realtors said in the report.
"It appears we have established a bottom," said David Lereah, chief economist for the NAR. "We are still vulnerable; we are not out of this yet."
The decline in sales was close to the 6.24 million expected by economists surveyed by MarketWatch.
The average median sales price was $222,000 in December, unchanged from December 2005.
"The best news was the fall in inventories," Lereah said.
For all of 2006, sales fell 8.4% to 6.48 million, the third highest total ever, but the largest percentage decline since 1982.
For the year, median sales prices rose 1.1%.
"There was no bubble burst in 2006," Lereah said. "We know the speculative buyers left in 2006," he said.
"It's becoming a buyers' market in most metro areas," Lereah said. He expects sales to decline about 2% in 2007 compared with 2006.
Details of the report
Sales of single-family homes fell 1.3% to a 5.44 million annual pace. Single-family-home sales are down 7.2% in the past year.
Condominium-unit sales rose 2.1% in December to a seasonally adjusted annual rate of 777,000. Condo sales are down 12.2% in the past year.
Last month's sales rose 4.3% in the Midwest, and 0.8% in the South. Sales fell 9.1% in the West and fell 2.8% in the Northeast.