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Thursday, January 26, 2012

New Home Sales Fell in December

New home sales finished 2011 on a negative note, with December’s pace of sales falling 2.2% from November to an annualized pace of 307,000 units. This pace is 7.3% below the pace seen in December 2010. The supply of new homes remains well balanced as prices continue to decline.


The decline was led by the South, where the pace of new home sales fell 10.1%. This decline may have been, in part, a correction from November’s 14.8% growth in November. The only other region to slow was the Midwest, falling 3.7%. The Northeast saw sales jump by 46.7%, however, this increase had little effect on national levels, as the Northeast represents only 7% of national sales. Sales in the West increased 9%.

The supply inched up in December to 6.1 months, but remains below the 6-month average of 6.4 months supply. Prices continued to fall in December, with the median home price falling 7% from November to $201,100. This price level is 17% below the median price seen one year ago.

Read the report.

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