New home sales reach record

02/24/2010 11:25:00 PM
Posted by admin

New home sales reached record lows in January as the economy appears to be headed for a double dip, dropping 11 percent last month to a seasonally adjusted annual rate of  309,000 units… the lowest since 1963 !!

January’s weakness was evident in all regions except the Midwest, where sales posted a 2.1 percent increase. Sales were down 35 percent in the Northeast, 12 percent in the West and almost 10 percent in the South.

The drop in sales pushed the median sales price down to $203,500. That was down 5.6 percent from December’s median sales price of $215,600, and off 2.4 percent from year-ago prices.

New home sales for all of 2009 had fallen by almost 23 percent to 374,000, the worst year on record.


This entry was posted on Wednesday, February 24th, 2010 at 11:25 pm and is filed under Housing Market. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a comment, or trackback from your own site. You can .
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