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September 27, 2007

Today's Housing Bubble Post - New-Home Sales And Prices Plunge (Again)

-- by Dave Johnson

New-home sales plunge 8.3% to seven-year low,

Median sales price down 7.5% in past year, biggest drop in 37 years

Sales of new homes dropped 8.3% in August to a seasonally adjusted annual rate of 795,000, the slowest sales pace since June 2000, the Commerce Department estimated Thursday.
Sales are now down 21.2% in the past year, with no sign of a bottom in the crippled housing market.

... The median sales price fell 7.5% to $225,700 compared with a year earlier, the largest year-over-year decline in 37 years.

The worst is yet to come. Maybe a year from now is the time to start thinking about loking for a bottom.

Posted by Dave Johnson at September 27, 2007 9:26 AM

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» New Home Sales Tumble, GDP Bounces Back from Unpartisan.com Political News and Blog Aggregator
New-homes sales tumbled in August to the lowest level in seven years, a stark sign that the credit c [Read More]

Tracked on September 27, 2007 5:29 PM


Comments

It could get worse. Sellers could start advertising that they take Schrute Bucks. Is the U.S. dollar the new Schrute Buck?

Posted by: Madison Guy [TypeKey Profile Page] at September 27, 2007 10:32 AM

It could get worse. Sellers could start advertising that they take Schrute Bucks. Is the U.S. dollar the new Schrute Buck?

Posted by: Madison Guy [TypeKey Profile Page] at September 27, 2007 10:33 AM

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