Today, the U.S. Census Department released its monthly New Residential Home Sales Report for December showing a notable monthly decline with sales dropping 2.2% since November and 7.3% below the level seen in December 2010 and remaining at an epically low level of 307K SAAR units.
It's important to recognize that the inventory of new homes has now fallen to a new series low at 157K units, lowest level seen in in at least 47 years while the median number of months for sale declined to 6.7.
The monthly supply remained declined to 6.1 months while the median selling price declined 12.81% and the average selling price declined 8.81% from the year ago level.
The following chart show the extent of sales decline to date (click for full-larger version).
