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Sales of new homes drop in December 2009

Thursday, January 28, 2010

Home sales fell in December, which may prove to be negative news for those who use construction equipment.
Home sales fell in December, which may prove to be negative news for those who use construction equipment.

Those who use construction equipment in the production of new homes got some more somber news from government.

A joint release from the U.S. Census Bureau and the Department of Housing and Urban Development shows that sales of new, single-family homes dropped 7.6 percent in December 2009. During that month, home sales came in at an estimated annual rate of 342,000, compared to the 370,000 seen in November.

Home sales for December 2009 were also lower than numbers from the same month in 2008. In December 2008, home sales were at an estimated annual rate of 374,000. That makes sales in December 2009 8.6 percent lower than their companion month the year before.

Furthermore, home sales dropped overall in 2009. The departments reported that 2009 saw an estimated 374,000 new homes sold, which is 22.9 percent lower than the 485,000 seen in 2008.

Rebecca, undersecretary for the Commerce Department, said that a number of factors may help new home sales in 2010, including lower interest rates and the extension of a tax credit for buyers.

"We've long known that the path to recovery would be long and difficult," Blank said.

What could also affect the sale of new homes is how well existing home sales are doing. According to the National Association of Realtors, existing home sales were up in 2009, which may have cut down on the number of new homes sold.
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