Washington, Jumada I 7, 1439, Jan 24, 2018, SPA -- Sales of existing U.S. homes tumbled 3.6 percent in December, limited by rising prices and a declining number of available properties, an industry group reported Wednesday. The US National Association of Realtors (NAR) said sales of existing homes fell last month to an annual rate of 5.57 million units. Despite the monthly drop, sales totaled 5.51 million units in 2017, the highest level since 2006. However, it was only a 1.1 percent gain from 2016 as December’s supply of properties on the market fell to the lowest level ever recorded by the NAR. Only 1.48 million homes were listed for sale at the end of December, a 10.3 percent drop over the last year. There were only 3.2 months’ supply of homes on the market, a record low. The strengthening U.S. economy helped to lift home sales in 2017, but homeowners are choosing not to list their properties despite the rising prices and relatively low mortgage rates. Home values are climbing far faster than wages because of the lack of available properties. The median home sales price increased 5.8 percent from a year ago, a pace more than double the gains in average hourly earnings. --SPA 21:31 LOCAL TIME 18:31 GMT www.spa.gov.sa/w595244