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US new home sales down 0.4% YOY in December 2016

New single-family home sales in the U.S. came to a seasonally adjusted annual rate of 536,000 in December 2016, down 0.4% from the year-ago estimate of 538,000, according to the U.S. Census Bureau and the Department of Housing and Urban Development.

The December 2016 rate was 10.4% lower than the revised November 2016 rate of 598,000.

The median sales price of new homes sold in December 2016 was $322,500, and the average sales price was $384,000. The seasonally adjusted estimate of new houses for sale at the end of the month was 259,000, reflecting a 5.8-month supply at the current sales rate.

The Northeast saw a 48.4% increase in new home sales over the previous month and year-ago levels.

In the Midwest, new home sales in December 2016 plummeted by 41.0% month over month and were 29.0% lower than in December 2015.

New home sales in the South declined 12.6% month over month, but remained unchanged from year-ago levels.

The West saw a 1.3% drop from November 2016, while new home sales ticked up 2.0% year over year in December 2016.