New U.S. home sales down 7 percent in December

Jan. 27, 2014 at 11:34 AM

WASHINGTON, Jan. 27 (UPI) -- Sales of new one-family homes fell 7 percent from November to December, the U.S. Commerce Department said Monday.

Sales reached a seasonally adjusted annual rate of 414,000, down from the revised November rate of 445,000.

From a year earlier, sales rose 4.5 percent -- in December 2012, the seasonally adjusted annual rate of sales posted was 396,000.

The median sales price of a new home was $270,200 in December, down from November's $270,900.

The department said it would take five months for the inventory of 171,000 new homes on the market to sell at the current rate of sales.

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