Well, at last 2007 is over with the latest numbers for that last month.

Traditionally, that month is slow. We also know that one month isn’t accurate enough to draw a trend. You have to look at the whole year and match the numbers with the previous one.

Calculated Risk posted these two posts here, and here on the December numbers.

The first post talks about the expected slip: “Existing-home sales – including single-family, townhomes, condominiums and co-ops – slipped 2.2 percent to a seasonally adjusted annual rate1 of 4.89 million units in December from a pace of 5.00 million in November, and are 22.0 percent below the 6.27 million-unit level in December 2006.” We can now see how the credit crunch has impacted the market.

The second post hints at numbers pointing to higher surplus as prices decline, an obvious result. The extrapolation would suggest sales will slow a little more.