Existing Single Family Homes Sales fell 13% in 2007 Biggest Drop in 25 years!
Good News: Home Inventories fell 7.4% in December.
Bad News: Home Sales drop to lowest levels in 25 years for Single Family Homes and Median Home Prices fell in 2007 for the first time since 1988.
Existing-home sales fell 2.2% to a 4.89 million annual rate in December, according to the National Association of Realtors. The median home price also declined to $208,400 in December, down 6% from $221,600 in December 2006. Inventories of homes fell 7.4% at the end of last month to 3.91 million available for sale, which represented a 9.6-month supply at the current sales pace. Sales of single-family existing homes fell by 13% in 2007, the biggest drop in 25 years.
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