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.
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