Sales of new single-family homes in December 2007 fell 4.7% in December from the month before to their lowest level since April 1995, according to the U.S. Commerce Department.
Single-family sales were at a seasonally adjusted annual rate of 604,000, according to estimates released Monday by the Census Bureau and the Department of Housing and Urban Development. That was 40.7% below December 206, when the annual rate was 1,019,000.
The last time new single-family home sales were this low was in April, 1995, when the annual sales rate was estimated at 580,000, which was down from 596,000 in March, 1995.
The national median price for new single-family homes fell 10.85% from November to $219,200. The average price slid 14.1% from November to $267,300. Inventory of unsold new single-family homes rose 2.1% in December to 495,000, a 9.6-month supply, 54.8% above the December, 2006 level.
For the year 2007, an estimated 774,000 new homes were sold, 26.4% than 2006's 1,051,000.
Regionally, sales were up in December in the Northeast by 6% but down 27.4% from December, 2006; down 1.2% in the Midwest, 55.8% below 2006; down 6.5% in the South, 36.3% below 2006; and down 6% in the West, 42.9% below December 2006.