Sales of U.S. newly-constructed homes fell more than projected in December, showing the housing market recovery might return to a moderate pace at the end of the year, the U.S. Commerce Department said Thursday.
Sales of new single-family houses fell 9.3 percent to a seasonally adjusted annual rate of 625,000 units last month, the largest decline since August 2016, the department said.
The median sales price of new homes sold last month was 335,400 U.S. dollars, up 2.5 percent from a year earlier. At the current pace of sales, it would take 5.7 months to exhaust all supply.
New home sales, which account for about 10 percent of overall housing sales, tend to be volatile from month to month. But it's considered a timelier barometer of the residential market than sales of existing homes, which are reported by the National Association of Realtors.
Despite the drop in December, new home sales for the full year 2017 were 608,000 units, 8.3 percent higher than 2016.
Sales of new homes have now risen for six consecutive years from a recession-induced low of 305,000 in 2011, according to the National Association of Home Builders.
Sales of new single-family houses fell 9.3 percent to a seasonally adjusted annual rate of 625,000 units last month, the largest decline since August 2016, the department said.
The median sales price of new homes sold last month was 335,400 U.S. dollars, up 2.5 percent from a year earlier. At the current pace of sales, it would take 5.7 months to exhaust all supply.
New home sales, which account for about 10 percent of overall housing sales, tend to be volatile from month to month. But it's considered a timelier barometer of the residential market than sales of existing homes, which are reported by the National Association of Realtors.
Despite the drop in December, new home sales for the full year 2017 were 608,000 units, 8.3 percent higher than 2016.
Sales of new homes have now risen for six consecutive years from a recession-induced low of 305,000 in 2011, according to the National Association of Home Builders.
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