U.S. home sales hit record in 2005

Sales of existing homes set a record for a fifth straight year in 2005 even though the year ended on a weaker note with three straight monthly declines, sending a signal that the housing boom is beginning to cool.

The National Association of Realtors reported that sales of previously owned homes and condominiums dropped by 5.7 percent in December compared to the sales pace in November.

Even so, total sales for the year climbed to an all-time high of 7.072 million units, up 4.2 percent from the 6.784 million homes and condos sold in 2004.

The median price of a home sold in December was $211,000. For all of 2005, home prices were up 12.7 percent.