–Sales In The West Up 71.9% In December, No Factors Noted
–2010 Sales Hit Record Low 321,000, Down From 375,000 In 2009
By Kevin Kastner
WASHINGTON (MNI) – The pace of new single-family home sales surged
in December to an annual rate of 329,000 after seasonal adjustment, a
larger gain than expected and following mixed revisions in the previous
two months, data released Wednesday by the Commerce Department showed.
The key factor in the increase was a 71.9% jump in sales in the
West. The Commerce Department cited no special factors that lead to the
increase. Sales were also up in the Midwest and South, but fell in the
Northeast.
Analysts had expected a rise in sales to a 300,000 seasonally
adjusted annual rate.
On an unadjusted basis, new home sales were up 10.0% from November,
but were down 8.3% from a year ago.
The supply of homes for sale fell 2.6% to 190,000 in December, the
lowest level since 189,000 in January 1968. As a result of the stronger
sales pace and the supply drop, the months supply fell to 6.9 months
from 8.4 months in November.
The median sales price rose 12.1% to $241,500 in December, up 8.5%
from a year ago.
** Market News International Washington Bureau: 202-371-2121 **
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