Sales of new homes in December fell 40.7% from the same month in 2006 to a seasonally adjusted annualized rate of 604,000 units, according to the most recent figures from the Census Bureau. At that rate, the lowest in more than a dozen years, December ended with 9.6 months' worth of new homes already built and waiting to be sold.
Some 774,000 new homes were sold in 2007, down 26.4% from 2006 totals. That's the biggest year-to-year drop since records began being kept in the early 1960s. The median sales price of a new home fell 1.8% last year from 2006 to $219,200, the first year-over-year drop since the Census Bureau began tracking the figure.
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