New Home Sales Slow After Three Months Of Gains

The U.S. Department of Housing and Urban Development and the U.S. Census Bureau’s New Residential Sales report for December shows new home sales slowed after three consecutive months of gains. According to the report, sales of new single-family houses were at a seasonally adjusted annual rate of 307,000 units, which is 2.2 percent below November’s rate of 314,000. The Census Bureau estimates there were 302,000 new homes sold in 2011. December’s median sales price was $210,300; the average price was $266,000. There were 157,000 new homes for sale at the end of the month, which is a 6.1-month supply at the current sales rate. More here.