US new home sales jump in December as prices fall

By MATT OTT
AP Business Writer

SILVER SPRING, Md. (AP) — Sales of new single family homes in December rose to their highest level in 10 months as buyers snapped up cheaper homes in anticipation of higher interest rates. The Commerce Department reported that December’s increase put the seasonally adjusted annual sales pace to 811,000 for the month, an 11.9% increase over November’s figure, which was revised down to 725,000 from 744,000. The median price of a new home, the point where half the homes sold for more and half for less, fell to $377,700, last month, its lowest level since June but about 4% higher than December 2020.