U.S. New Home Sales Take A Breather In December

New U.S. single-family home sales fell to a 10-month low in December after three straight months of strong gains. The Commerce Department said on Thursday new home sales dropped 10.4 percent to a seasonally adjusted annual rate of 536,000 units last month. November’s sales pace was revised up to 598,000 units from the previously reported 592,000 units. Economists polled by Reuters had forecast single-family home sales, which account for 8.9 percent of overall home sales, slipping 1.0 percent to a 588,000-unit rate last month. New home sales, which are derived from building permits, are volatile on a month-to-month basis and subject to large revisions. Sales were down 0.4 percent from December 2015. They increased 12.2 percent to 563,000 units in 2016, the highest since 2007.

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