New Home Sales Trend Downward For Year-End 2013

After a strong year of market recovery, new home sales slumped in December 2013, falling 7%, from November’s revised figures. 

December sales were at a seasonally adjusted annual rate of 414,000, according to data released Monday by the Census Bureau, marking a significant downturn from November, but maintaining an increased level versus 2012 figures. The tally for December was roughly 4.5% higher than for December 2012, the Census reported. 

Still, the total fell below economists’ estimates surveyed by Bloomberg News this week. Weather and a shift toward existing home purchases were attributed as possible reasons for the slump. 

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Full year figures for 2013 counted an estimated 428,000 new homes sold over the course of the year; a 16.4% increase over 2012. 

Written by Elizabeth Ecker

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