US new home sales tumbled 9.3 percent in December

January 25, 2018 - 10:08 am

WASHINGTON (AP) — Americans cut back their purchases of new homes in December as sales fell from November's 10-year high.

The Commerce Department says new-home sales skidded 9.3 percent last month to a seasonally adjusted annual rate of 625,000. It was the biggest drop since August 2016. November sales were revised lower — to 689,000 from an originally reported 733,000, but were still the strongest since October 2007.

Sales are volatile from month to month, but 2017 was a strong year overall: New-home sales rose 14.1 percent from December 2016.

The median price of a new home hit a record $335,400 in December, up 2.6 percent from a year earlier.

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