New Home Sales Fall in December but Rise on the Year

Despite sales of newly-built, single-family homes falling seven percent in December to a seasonally-adjusted annual rate of 414,000, home sales in 2013 rose 16.4 percent over the previous year, reports the National Home Builders Association (NAHB). “Consumers are getting used to more realistic mortgage rates, which still remain favorable on a historical basis,” said NAHB Chief Economist David Crowe. “As household formations and pent-up demand continue to emerge, we anticipate that 2014 will be a strong year for housing.” Regionally, while the Midwest realized a new home sales gain of 17.6 percent, activity fell 36.4 percent in the Northeast, 8.8 percent in the West, and 7.3 percent in the South. MHProNews has learned the inventory of new homes dropped to a five month supply, 171,000 at the current sales pace.

(Photo credit: Paul J. Richards/Getty Images)

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