How Far Have Home Sales Fallen?

Existing-home sales fell 2.2% to a 4.89 million annual rate in December, according to the National Association of Realtors. The median home price also declined to $208,400 in December, down 6% from $221,600 in December 2006. Inventories of homes fell 7.4% at the end of last month to 3.91 million available for sale, which represented a 9.6-month supply at the current sales pace. Sales of single-family existing homes fell by 13% in 2007, the biggest drop in 25 years.

Earlier Thursday, the Labor Department said the number of U.S. workers filing new claims for unemployment benefits fell last week for a fourth-straight week, suggesting that a resilient labor market at the start of the year might keep the economy from sliding into recession.

From the Wall Street Journal