Washington, Jumada I 8, 1439, Jan 25, 2018, SPA -- Sales of new U.S. homes fell sharply in December from a 10-year high the previous month, the government reported Thursday. The Commerce Department said new-home sales dropped 9.3 percent last month to an annual rate of 625,000 units. It was the biggest monthly decline since August 2016. November’s sales were revised lower to 689,000 from the initially reported 733,000, but still were the strongest since October 2007. New-home sales are often volatile month to month, but 2017 was a strong year, with sales rising 14.1 percent from 2016 as demand surged amid a shortage of existing homes for sale. Tight housing supply has caused home prices to rise faster than wage gains. The median new-home price rose 2.6 percent in 2017. --SPA 21:36 LOCAL TIME 18:36 GMT www.spa.gov.sa/w596074