New Residential Sales Drop 7.6% in December, Says HUD

---

(WASHINGTON, DC) -- According to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development (HUD), sales of new one-family houses in December 2009 were at a seasonally adjusted annual rate of 342,000, This is 7.6 percent (±14.6%) below the revised November rate of 370,000 and is 8.6 percent (±15.2%) below the December 2008 estimate of 374,000.

The median sales price of new houses sold in December 2009 was $221,300; the average sales price was $290,600. The seasonally adjusted estimate of new houses for sale at the end of December was 231,000. This represents a supply of 8.1 months at the current sales rate.

An estimated 374,000 new homes were sold in 2009. This is 22.9 percent (±2.9%) below the 2008 figure of 485,000.

---