Sales of new one-family houses in December 2008 were at a seasonally adjusted annual rate of 331,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development.
This is 14.7 percent (±13.9%)* below the revised November of 388,000 and is 44.8 percent (±10.8%) below the December 2007 estimate of 600,000.
The median sales price of new houses sold in December 2008 was $206,500; the average sales price was $246,900. The seasonally adjusted estimate of new houses for sale at the end of December was 357,000. This represents a supply of 12.9 months at the current sales rate.
An estimated 482,000 new homes were sold in 2008. This is 37.8 percent (±2.7%) below the 2007 figure of 776,000.
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Two comments:
1) Ouch!
2) 2009 is likely to be far worse
New home sale is supposed to be bad because builders are not building anymore. Existing home sale data was released earlier this week and it was actually pretty strong.
New home sale is supposed to be bad because builders are not building anymore. Existing home sale data was released earlier this week and it was actually pretty strong.
New home sale is supposed to be bad because builders are not building anymore. Existing home sale data was released earlier this week and it was actually pretty strong.
New home sale is supposed to be bad because builders are not building anymore. Existing home sale data was released earlier this week and it was actually pretty strong.
New home sale is supposed to be bad because builders are not building anymore. Existing home sale data was released earlier this week and it was actually pretty strong.
