Sales of new homes dipped in December from November, but overall sales for 2012 were the best since 2009, according to a government report released Friday
Though there was a 7.3 percent drop in sales of new homes in December from November, sales were up a healthy 8.8 percent from December 2011, the Census Bureau and Department of Housing and Urban Development report.
Homes sold at an annual rate of 369,000 last month. Over the whole year, the agencies estimate, there were 367,000 new homes
New homes sold at a seasonally adjusted annual rate of 369,000 units, down 7.3% from November but up 8.8% from December 2011, the Commerce Department said. The median new-home sales price last month was $248,900.
"2013 will show more of an increase in prices and more positive sales activity and housing starts," said Anika Khan, a senior economist at Wells Fargo Securities LLC in Charlotte, North Carolina, a unit of the biggest U.S. mortgage lender. "We expect to see residential investment adding to growth despite a very sluggish overall pace of economic growth."
In terms of inventory, there were 151,000 new homes were available for sale at the end of December , representing a supply of just about five months at the current sales pace.
hough new homes represent less than 20% of housing sales, they have an outsize impact on the economy. Each home built creates an average of three jobs for a year and generates about $90,000 in tax revenue, according to the National Association of Homebuilders.
