New Home Sales Fall in December; Economists See Growth in 2012

NationalMortgageNews tells the U.S. Census Bureau reports new home purchases last year totaled 303,000, declining 6.5 percent in 2011, the lowest number since the 1960’s. Sales of newly-built homes fell to a seasonally adjusted rate (SAAR) of 307,000 from 314,000 in November, a 2.2 percent slide after rising three consecutive months. The Economic Advisory Committee of the American Bankers Association, while noting a full housing recovery is still distant, predicts new home sales will increase ten percent in 2012, and should reach a SAAR of 350,000 by the fourth quarter 2012. The median sales price for a new home fell 2.5 percent in December to $210,500. Builders had 61,000 homes on the market in December 2011, representing a six months supply.

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