Friday, March 26, 2010
The housing market recorded its worst month ever for new homes sales in February. The 308,000 total was the lowest since the federal government began tracking such data in 1963, according to the Department of Housing and Urban Development and the U.S. Census Bureau.
February also marked the fourth consecutive month that new homes sales declined. Economists had expected the drop in sales to level off last month, but the weak economy and glut of foreclosed homes caused the market to dip below January’s total of 315,000.
Compared to February 2009, last month represented a 13% decline. The only good news came out West, where new home sales rose 20.8% last month.
The median time between the completion of a newly-constructed house and its sale is continuing its steady rise and, in February, stood at 14.4 months. A year ago it was 9.9 months.
-Noel Brinkerhoff
New-Home Sales Fall to Record Low (by Chavon Sutton, CNN Money)
New Residential Sales in February 2010 (U.S. Department of Housing and Urban Development and U.S. Census Bureau) (pdf)
Houses Sold by Region (U.S. Census Bureau) (pdf)
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