WASHINGTON - U.S. sales of previously occupied homes dipped in December from November, in part because of a limited supply of available homes. But for all of 2012, sales rose to their highest level in five years.
The National Association of Realtors said Tuesday that sales declined in December to an annual rate of 4.94 million. That's down from a rate of 4.99 million in November, which was revised lower but was still the highest in three years.
Total sales last year increased to 4.65 million. That's 9.2 percent higher than 2011 and the most since 2007. Sales finished below the roughly 5.5 million that are consistent with a healthy market. Still, most economists say home sales are improving steadily and that the gains should continue this year.
Stable hiring, record-low mortgage rates and a tight supply of homes available for sale have helped boost sales and prices in most markets.