New Home Sales Drop for 2007 Is Lowest on Record

New home sales fell 4.7% in December, capping the biggest annual decline on record, the Commerce Department said Monday.

The December decrease to an annual rate of 604,000 — the fewest since February 1995 — followed a 634,000 rate in November, Commerce said.

For the year, sales fell 26%, the most since records started to be kept in 1963.

The December level was below economists’ forecasts of an unchanged rate, Bloomberg said.

Rising home sales can mean more business for flatbed trucking companies that haul building materials and dry van freight carriers that haul household appliances and furniture.

New home sales account for about 15% of residential real estate sales.