WASHINGTON - New home sales dropped 7.6% in December to 342,000 homes purchased at an annual rate, the lowest monthly total since March, the Commerce Department reported today.
For all of 2009, new home sales fell 22.9% to the fewest number of sales in a year on record with data for this series dating back to 1963. New home sales dropped 35.7% in 2008.
Economists expected 370,000 new home sales for the month, according to the median estimate from Thomson Reuters.
Sales in November were revised higher to 370,000 from 355,000 initially reported.
The median new home sale price increased 5.2% in December to $221,300, the highest median price since May 2009. The median price fell in December 3.6% from a year ago.
The supply of new homes on the market increased for the second straight month to 8.1 months, the highest level since June.
