Monday, January 27, 2014

New Home Sales Declined 7.0% in December

New home sales declined 7.0% in December to an annual pace of 414,000 units. However, the fourth quarter was still stronger than the third in 2013. December’s report also included downward revisions to October and November’s headline numbers. December’s pace is 4.5% above year-ago levels.

Only one of the four regions posted gains in December, with the Midwest growing 17.6% over the month. The Northeast, South and West all declined from the month prior by 36.4%, 7.3% and 8.8% respectively.

The supply of homes grew to 5.0 months in December. Despite the increase in supply, the median home price grew 0.6% over the course of the month to $270,200.

Read the Census report.

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