Existing-home sales fall 2.2% to 4.89 million pace
Median sales price of single-family homes falls in 2007 for 1st time in 40 years
Resales of U.S. homes fell 2.2% in December to a seasonally adjusted annual rate of 4.89 million, the lowest in nine years, the National Association of Realtors reported Thursday.
Resales are down 22% compared with the previous December and are down 32% from the peak two years ago.
Sales of single-family homes dropped 2% in December to a 4.31 million annual rate, the lowest in 10 years. Condo sales fell 3.3% to a 580,000 rate.
For all of 2007, the median sales price of an existing single-family home fell for the first time in the 40-year history of the data, dropping 1.8%. Resales of single family homes fell 13%, the largest decline since 1982.
Inventories of unsold homes fell 7.4% in December to 3.90 million, representing a 9.6 month supply at the December sales pace. Inventories typically fall in December, but the data are not seasonally adjusted.
The median sales price fell to $206,500 in December, down 6.5% in the past year.
Sales fell in all four regions, dropping 4.6% in the Northeast, 2.1% in the West, 1.7% in the Midwest and 1% in the South
The pace of existing home sales in the United States fell by 2.2 percent in December to a slower-than-expected 4.89 million-unit annual rate, the National Association of Realtors said in a report on Thursday.
The inventory of homes for sale fell 7.4 percent percent to 3.91 million units at the end of last month. That represents a 9.6-month supply at the current sales pace, down from the 10.1-month supply in November.
Economists polled by Reuters were expecting home resales to slip to a 4.95 million unit pace after hitting a 5.00 million pace in November.
For all of 2007, existing home sales fell 12.8 percent and the national median home price fell by 1.4 percent to $218,900. It was the first annual decline in the median home price since 1999, when the realtor group began tracking both condos and single-family home data together.