26 Percent Drop in U.S. New-Home Sales for 2007

NEW RESIDENTIAL SALES IN DECEMBER 2007

Sales of new one-family houses in December 2007 were at a seasonally adjusted annual rate of 604,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 4.7 percent (±12.1%)* below the revised November rate of 634,000 and is 40.7 percent (±7.8%) below the December 2006 estimate of 1,019,000.

The median sales price of new houses sold in December 2007 was $219,200; the average sales price was $267,300. The seasonally adjusted estimate of new houses for sale at the end of December was 495,000. This represents a supply of 9.6 months at the current sales rate.

An estimated 774,000 new homes were sold in 2007. This is 26.4 percent (±2.5%) below the 2006 figure of 1,051,000.

Read the full government report at www.census.gov

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