(WASHINGTON) — Sales of new homes slowed in December, but sales for the year were the best since 2009 when a government tax credit was boosting the market.
Sales fell 7.3 percent last month, according to the U.S. Commerce Department, but that’s compared to November numbers which were revised to show stronger sales.
Prices for new homes are up 13.8 percent compared to a year ago. Economists see this as good sign that will encourage home builders.
New home sales can have a big economic impact; they create construction jobs, and appliance and furniture sales have a ripple effect on the economy.
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John Newsome and Anne Woolsey, CNN