New U.S. home sales fall to 13-year low
Published: March 26, 2008 at 11:46 AM
WASHINGTON, March 26 (UPI) -- New U.S. home sales fell in February to the lowest rate in 13 years, the U.S. Commerce Department reported Monday.
New single-family home sales fell to a seasonally adjusted annual rate of 590,000 units in February, down 1.8 percent from a revised 601,000 units in January, the department said.
February's figure was 29.8 percent less than year earlier, the report said.
The median sales price of a new home was $244,100 and the average price was $296,400, the report said.
At current prices, the department sad it would take 9.8 months for the inventory of 471,000 completed new homes to sell.
New single-family home sales fell to a seasonally adjusted annual rate of 590,000 units in February, down 1.8 percent from a revised 601,000 units in January, the department said.
February's figure was 29.8 percent less than year earlier, the report said.
The median sales price of a new home was $244,100 and the average price was $296,400, the report said.
At current prices, the department sad it would take 9.8 months for the inventory of 471,000 completed new homes to sell.
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This material may not be reproduced, redistributed, or manipulated in any form.
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