Dec. Home Sales Kept Dropping

Existing US sales resume tumble; median prices also fall
By Sam Gale Rosen,  Newser Staff
Posted Jan 24, 2008 10:14 AM CST
Dec. Home Sales Kept Dropping
A sign advertising a home for sale is shown in San Carlos, Calif., Thursday, Jan. 17, 2008. The median price of a home in California tumbled nearly 15 percent amid a steep drop in sales in December, a real estate research firm said Thursday. (AP Photo/Jeff Chiu)   (Associated Press)

Existing home sales began to fall again in December after briefly bumping upwards in October and November. Home resales were at a 4.89 million annual rate; that's down 2.2% from November and down 13% from last year. "Home sales remain weak despite improved affordability conditions in many parts of the country," an economist tells the Wall Street Journal.

The resale rate, released today by the National Association of Realtors, was below what had been expected, the Journal reports. Sales fell by the most—4.6%—in the Northeast region of the US, according to the NAR report. Median prices also fell, from $221,600 in December 2006 to $208,400. (More housing market stories.)

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