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Today, the U.S. Census Department released its monthly New Residential Home Sales Report for December showing a notable decline with sales falling 7.0% from November but still rising 4.5% above the level seen in December 2012 remaining at an historically low level of 414K SAAR units.

The monthly supply increased to 5.0 months while the median selling price increased 4.61% and the average selling price increased 4.08% from the year ago level.

The following chart show the extent of sales decline to date.

(click to enlarge)

Source: New Home Sales: December 2013