2007 Worst Year For U.S. Homes Sales In 25 Years
U.S. home sales fell 13 percent in 2007, the biggest drop in 25 years, and home prices fell 1.8 percent, the first annual price decline since the Great Depression, The Boston Globe reported January 25, 2008.
The number of existing home sales declined 2.2 percent in December to an annual rate of 4.89 million, according to data released by the National Association of REALTORS®. Despite the decline, sales were the fifth highest on record.
Sales of existing homes fell in all four regions of the country led by a 4.6 percent decline in the Northeast.
"The number of homes for sale at the end of December fell 7.4 percent to 3.91 million. At the current sales pace, that represented 9.6 months' supply, down from 10.1 months in November."
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