New Home Sales Plummet
[WASHINGTON (Dow Jones)--New-home sales fell as mortgage rates reached three-year highs during November, reversing a surprise surge in another sign of housing sector cooling.
Sales of single-family homes decreased 11.3% to a seasonally adjusted annual rate of 1.245 million, the Commerce Department said Friday. That was the largest drop since a 23.8% plunge in January 1994.
Inventories climbed to a new record, while prices tumbled.]
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Sales of single-family homes decreased 11.3% to a seasonally adjusted annual rate of 1.245 million, the Commerce Department said Friday. That was the largest drop since a 23.8% plunge in January 1994.
Inventories climbed to a new record, while prices tumbled.]
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posted by Little_Silvered at 11:13 AM
1 Comments:
That report was quite interesting.
NE up but everybody else down?
significant median and avg price drops, while the California prices rose (according to a separate report released earlier).
The price drops around here are getting serious. A friend is watching a new home development in Wall and he said the price of a house there has dropped $100K in about a month.
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