NationalMortgageNews tells MHProNews.com 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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