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New-Home Sales Hit Lowest Level Since '91

8.5% drop much worse than expected; supply hits 27-year high

By Kevin Spak, Newser Staff

Posted Apr 24, 2008 10:53 AM CDT

(Newser) – New-home sales fell yet again in March, the Wall Street Journal reports, with single-family sales off 8.5% to an annual rate of 526,000, the lowest level since 1991. Analysts had expected a drop of only 1.9%. The median price, meanwhile, plummeted 13.3%, to $227,600. With an 11-month supply of homes available—the most since 1981—prices will likely continue to fall.

New homes are shown for sale by KB Home builders in the Sylmar section of Los Angeles Friday, March 28, 2008. (AP Photo/Nick Ut)

A realty sign advertising a reduced price is seen in front of an existing home for sale in Gilford, N.H., Monday, April 21, 2008. (AP Photo/Jim Cole)

A row of realty signs advertise homes for sale in Sausalito, Calif., Monday, April 21, 2008. (AP Photo/Eric Risberg)

A sale sign stands sentry outside an unsold new, single-family home in east Denver on Sunday, March 16, 2008. (AP Photo/David Zalubowski)

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New-Home Sales Hit Lowest Level Since '91

8.5% drop much worse than expected; supply hits 27-year high

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$26B Mortgage Settlement a 'Modest' Help: Experts

Many struggling homeowners not covered in deal

Banks Ink $26B Deal to Help 2M Homeowners

49 states sign on to deal with nation's top 5 banks

Calif., NY May Sign On to Robo-Signing Settlement

Obama administration nearing deal for mortgage relief

Freddie Mac Bet Billions Against Homeowners

Has financial stake in limiting refinancing for struggling people

Finally, Sun Through the Economic Clouds

Thanks to improving housing market, private debt: Paul Krugman

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New-Home Sales Hit Lowest Level Since '91

8.5% drop much worse than expected; supply hits 27-year high

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OTHER STORIES ON OUR RADAR

housing market • home prices • housing crisis • new home sales

MOST POPULAR STORIES

[ By Views ]

[ By Comments ]

More Newser Stories

$26B Mortgage Settlement a 'Modest' Help: Experts

Many struggling homeowners not covered in deal

Banks Ink $26B Deal to Help 2M Homeowners

49 states sign on to deal with nation's top 5 banks

Calif., NY May Sign On to Robo-Signing Settlement

Obama administration nearing deal for mortgage relief

Freddie Mac Bet Billions Against Homeowners

Has financial stake in limiting refinancing for struggling people

Finally, Sun Through the Economic Clouds

Thanks to improving housing market, private debt: Paul Krugman

About Us

Site

Newser By Users

Community

Site Maps

Tools

More News

What is Newser?