From CNN:
New home sales fell in March to the lowest level in more than 16 years,
according to a key government report on the battered housing market released
Wednesday.
March sales came in at a seasonally adjusted annual rate of
526,000, the Census Bureau report showed, down 8.5% from a revised 575,000 in
February and down 36% from a year earlier. It was the lowest annual rate since
October 1991.
and:
The median price of a new home sold in March was $227,600, down 13.3% from a
year earlier. The last time the median home price fell this sharply was July
1970, when it dropped 14.6%.
and:
The seasonally adjusted estimate of new houses for sale at the end of March was
468,000, which was down slightly from February’s 471,000.However, at the current sales rate, it would take 11 months to sell the supply of homes on the market at the end of March.
The months-of-supply number has not been this high since September 1981.
Still more signs that real estate investors should not be expecting a turnaround in the housing market any time soon.
Photo: No Sale, originally uploaded by Something's Missing.