New home sales plunge to lowest on record

Government report shows sales of newly built homes fell to an annual rate of 331,000 in December, lowest since reporting began in 1963.

NEW YORK (CNNMoney.com) -- Sales of newly constructed homes plunged in December to the lowest level on record, going back to 1963, according to a government report released Thursday.

The U.S. Census Bureau reported that new home sales fell to an annual seasonally adjusted rate of 331,000 in December. That's down 14.7% from a revised 388,000 annual rate in November.

The December sales pace was 44.8% below the same month a year ago, when the annual rate of new home sales was 600,000.

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