New-home sales tumbled to the lowest mark in 12 years during December and prices also fell sharply. Sales of single-family homes decreased by 4.7% last month to a seasonally adjusted annual rate of 604,000, the Commerce Department said Monday. November new-home sales fell 12.6% to an annual rate to 634,000; originally, the government said November sales fell by 9.0% to 647,000.
Economists forecast December sales at an annual rate of 650,000. The pace of 604,000 was the worst since 559,000 in February 1995.
Year over year, new-home sales were 40.7% lower than the level in December 2006.
Regionally last month, new-home sales decreased 6.5% in the South, 1.2% in the Midwest, and 6.0% in the West. Sales rose 6.0% in the Northeast.
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