Washington, DC, January 25, 2007--Sales of U.S. existing homes fell 0.8% in December to a seasonally adjusted annual rate of 6.22 million, a national real estate group reported Thursday.
Sales in December were down 7.9% compared with December 2005. Inventories of unsold homes fell 7.9% to 3.51 million, representing a 6.8-month supply, the National Association of Realtors said in the report.
"It appears we have established a bottom," said David Lereah, chief economist for the NAR. The decline in sales was close to the 6.24 million expected by economists. The average median sales price was $222,000 in December, unchanged from December 2005.
