Friday, February 27, 2009

New home sales plummet

Shocker! New home sales are down:
Sales of newly constructed homes fell 10% in January, sinking to the lowest level on record, according to a government report released Thursday.

The U.S. Census Bureau reported that new home sales fell to a seasonally adjusted annual rate of 309,000 in January from a revised 344,000 in December. It was the lowest level since the Census Bureau began keeping records in 1963. ...

The report also showed that the median sales price of new houses sold in January was $201,000, down 15% from $232,400 a year ago.


  1. Many new homes that were constructed very recently will become rooming houses.

  2. When will the the National Association of Home Builders report their Housing Market Index without new home building permits for builder Spec homes or display homes? Or speculative new multi-family construction (e.g. condos)whereby new units have not yet been sold?

    They should report new home title closing stats instead!

    What happens to home builder's Back On The Market (BOM) homes in their statistics due to unqualified home buyers?