The Commerce Department said that new home sales in the United States fell 14.7% in December to a seasonally adjusted annual rate of 331,000, from a downwardly revised November figure of 388,000. December's sales pace was the lowest on records dating back to 1963. The median price of a new home sold in December was $206,500, a drop of 9.3% from a year ago.
The sales weakness in December reflected a 28% drop in the Northeast and a 20% drop in the West. The South and Midwest posted smaller declines of 12% and almost 6%, respectively.
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