New Home Sales Fell in December, but Up Sharply in 2012

Sales of newrnhomes fell in December, down 7.3 percent from November to a seasonally adjustedrnannual rate of 369,000.  This is 8.8rnpercent higher than the December 2011 estimate of 339,000 new units.  The bad December number is tempered somewhatrnby a revision of the November estimate of new home sales from the 377,000 originallyrnreported to 398,000. </p

The new homernsales figures were released this morning by the Census Bureau and the Departmentrnof Housing and Urban Development which also noted that an estimated 367,000 newrnhomes were sold in 2012 compared to 306,000 in all of 2011.  This is an increase of 19.9 percent.</p

The median pricernof new houses sold in November was $248,900 compared to $245,600 a monthrnearlier and $218,600 in December 2011. rnThe average price in December was $304,000 compared to $289,900 andrn$262,900 in the two earlier periods.</p

The availablerninventory of new homes for sale at the end of December was 151,000 units,rn43,000 of which were completed.  At therncurrent rate of sales the larger number represents a 4.9 percent supply.  One year earlier the inventory of 152,000rnrepresented a 5.4 month supply. </p

Sales were downrnin three of the four regions with only the Midwest posting an increase fromrnNovember, up 21.3 percent.  The rate of salesrnin the region was however down 1.7 percent compared to December 2011.</p

In the Northeastrnsales fell 29.4 percent from November and were up 20.0 percentrnyear-over-year.  In the South the changernwas -8.4 from November and +15.6 from December 2011, and in the West sales wererndown both month-over-month and year-over-year by 11.1 percent and 1.2 percentrnrespectively.</p

New Home Sales</p

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