Sales of new houses in December were at a rate of 329,000

Sales of new single-family houses in December 2010 were at a seasonally adjusted annual rate of 329,000, according to the U.S. Census Bureau and the Department of Housing and Urban Development. This is 17.5 % above the revised November rate of 280,000, but is 7.6 % below the December 2009 estimate of 356,000

The seasonally adjusted estimate of new houses for sale at the end of December was 190,000. This represents a supply of 6.9 months at the current sales rate.

Analysts expected closer to 300,000. Months supply, which is the approximate length of time required to sell the current stock of homes on the market at the current pace, declined to 6.9 from 8.4 months in November.

Not bad, and as Calculated Risk points out, inventory continues to decline. Let’s see an updated graph:

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