Sales of new single-family homes in February fell 16.9 percent to 250,000-which is a new record low-according to the U.S. Department of Commerce. The previous record low was 274,000, which was set in August. Compared with February 2010, sales are down 28 percent. New home prices sank 13.9 percent in February to $202,100, the sharpest monthly decline on record and the lowest median price since December 2003.
Sales of new single-family homes in February fell 16.9 percent to 250,000-which is a new record low-according to the U.S. Department of Commerce. The previous record low was 274,000, which was set in August. Compared with February 2010, sales are down 28 percent. New home prices sank 13.9 percent in February to $202,100, the sharpest monthly decline on record and the lowest median price since December 2003.
The new-home data comes just two days after the National Association of Realtors announced existing-home prices reached a nine-year low in February and that sales fell 9.6 percent.
"Today's report is primarily a reflection of consumer uncertainty regarding the overall economy," said Bob Nielsen, chairman of the National Association of Home Builders (NAHB). "... Even qualified buyers who are ready to make a purchase are facing frustrating challenges in terms of tight consumer lending conditions and inappropriately low appraisal values on new construction."
