Jan. 26, 2007 -- Sales of new residential homes rose 4.8 percent in December to an annual rate of 1.12 million, the Commerce Department reported Friday.

The median sales price of new homes in December was $235,000, down 1.3 percent from the same period last year, the report said. By month's end, there were 537,000 homes were left on the market, enough for a 5.9 month supply at the current sales rate, the report said.

For the year, sales of new homes were down 17.3 percent from 2005, the report said

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