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New Home Sales down 35% YoY.



September 25, 2008 – Comments (2)

Sales of new one-family houses in August 2008 were at a seasonally adjusted annual rate of 460,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 11.5 percent (±11.7%)* below the revised July rate of 520,000 and is 34.5 percent (±7.3%) below the August 2007 estimate of 702,000.

The median sales price of new houses sold in August 2008 was $221,900; the average sales price was $263,900. The seasonally adjusted estimate of new houses for sale at the end of August was 408,000. This represents a supply of 10.9 months at the current sales rate.

Details here.

Worth noting, the 10 month o' supply is up 2 months from last year. Median price dropped from 225.7K last year. Average dropped from $292k last year.

2 Comments – Post Your Own

#1) On September 25, 2008 at 3:18 PM, saunafool (94.95) wrote:

Time to buy. Must be near bottom. Real estate never goes down.

Just ask the Japanese.

Oh, you say they made their problem worse by propping up failing banks with a bunch of bad debt on their balance sheets. If they hadn't done that their economy would have recovered much faster.

We don't do that in America. We let the losers fail, take our licks, and get back to business...

Wait, you're telling me Congress and the President did what?

Well, in that case, ask the Japanese about falling housing prices. If you don't let the recession happen and allow prices to correct to fair market value, it turns out that real estate can go down for about 15 years in a row.

2022! Time to BUY!

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#2) On September 25, 2008 at 3:27 PM, TMFBent (99.57) wrote:

Yeah, and on one of those strange 50-year mortages!

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