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New Home Sales Reach Lowest Point in More Than a Decade
Published: December 28, 2007
Washington, D.C.--New home sales plunged 9 percent from October to November, hitting their lowest level in 12 years, according to data released by the Commerce Department Friday.
The seasonally adjusted annual rate of 647,000--the worst since April 1995-- was less than economists had expected, The New York Times reports.
The new home median sales price dropped to $239,100 last month, 0.4 percent less than in 2006. Sales in all regions fell except for the in the West, where sales rose.
New home sales have fallen 34.4 percent in the past 12 months, according to the Commerce Department, which is the biggest yearly decline since 1991.
Despite a gain Friday morning, the markets fell after the news was released.
