December New Home Sales Down 9.3 Percent

Sales of newly built, single-family homes in December were at a seasonally adjusted annual rate of 625,000, a 9.3 percent decrease compared with November’s rate of 689,000 but 14.1 percent above the December 2016 rate of 548,000, according to the U.S. Census Bureau.

"Some moderation in sales was expected this month after a strong November reading," said Michael Neal, National Association of Home Builders senior economist, in a statement. "With ongoing job creation and rising home equity, we should see housing demand continue to grow in the months ahead."

December home sales in the Northeast decreased 2.4 percent month-over-month to a seasonally adjusted annual rate of 41,000. Sales in the West fell 9.5 percent to a rate of 190,000. Sales in the South dropped 9.8 percent to a rate of 331,000, and sales in the Midwest declined 10 percent to a rate of 63,000.