The seasonally adjusted pace of new single-family home sales in the U.S. dropped 10.4 percent in December. And with a pace of 536,000 annual sales, the rate was 0.4 percent lower on a year-over-year basis, a sharp drop from 17.7 percent higher on a year-over-year basis the month before and 24.3 percent higher on a year-over-year basis in September.
In addition, last month’s pace was 18.8 percent below the long-term average for December (660,000) and nearly 60 percent below the record-high December pace of 1,242,000 sales as set in 2005.
At the same time, the number of new single-family homes for sale across the county ticked up another 4.0 percent to 259,000, which is the most available inventory since the third quarter of 2009 and 10.2 percent higher versus the same time last year.
In the West, the pace of new single-family home sales slipped 1.3 percent from November to December but remains 2.0 percent higher versus the same time last year (versus 13.7 percent higher on a year-over-year basis the month before).