New home sales plunged to a 9-month low in December, according to a government report issued Wednesday.
The seasonally adjusted annual rate of new home sales dropped 7.6% to 342,000 last month, compared with a revised rate of 370,000 in November, the Census Bureau said.
Analysts surveyed by Briefing.com had expected December sales of new homes to hit an annual rate of 366,000.
"This is not a very encouraging number," said Mike Larson, a real estate analyst with Weiss Research. "You've got aggressive competition from banks and lenders trying to unload foreclosures, and many people are going to the existing home market because that's where the bargains are."
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Prescott Arizona Real Estate
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