We have developed a new needlet-based method to detect point sources in cosmic microwave background (CMB) maps and have applied it to the Wilkinson Microwave Anisotropy Probe (WMAP) 7 year data. We use both the individual frequency channels as well as internal templates, the latter being the difference between pairs of frequency channels and hence having the advantage that the CMB component is eliminated. Using the area of the sky outside the Kq85 galactic mask, we detect a total of 2102 point sources at the 5{sigma} level in either the frequency maps or the internal templates. Of these, 1116 are detected either at 5{sigma} directly in the frequency channels or at 5{sigma} in the internal templates and >=3{sigma} at the corresponding position in the frequency channels. Of the 1116 sources, 603 are detections that have not been reported so far in WMAP data. We have made a catalog of these sources available with position and flux estimated in the WMAP channels where they are seen. In total, we identified 1029 of the 1116 sources with counterparts at 5GHz and 69 at other frequencies.