March 26, 2008 ― New Home Sales Fall To 13-Year Low
Last month’s sales were at a seasonally adjusted
annual rate of 590,000, down 2 percent from January’s final figures. The median
price of a new home sold last month was $244,100, down 3 percent from a year
earlier.
The report also indicated that the battered housing
industry still has backlog of unsold inventory. Builders said it took more than
seven months to sell a completed home. At that rate, the nation’s new home
inventory equals an almost 10-month supply.