New-Home Sales Dive in 2008

New-Home Sales Dive in 2008

Sales of new single-family homes were at a seasonally adjusted rate of 331,000 in December, 14.7 percent below the November rate of 388,000 and 44.8 percent below the December 2007 estimate of 600,000, the U.S. Commerce Department reported last week.

For the entire year, an estimated 482,000 new homes were sold in 2008, a decline of 37.8 percent from the 2007 year-end estimate of 776,000. The sales total for 2008 is the lowest since 1982.

The median sale price of new homes sold in December 2008 was $206,500, which is 9.31 percent below the median sale price of $227,700 at the end of 2007. There were 357,000 new homes for sale at the end of December, representing a 12.9-month supply at the current sales rate.

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