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Friday, March 24, 2006

new home sales slump

Not just sales, but median prices, too. From this CNNMoney.com story.
NEW YORK (CNNMoney.com) - New home sales fell more sharply than expected in February -- and with them, the median price of a new house -- in the latest signs of a slowdown in what had been a white hot housing market.

The Census Bureau reported sales at an annual rate of 1.08 million homes in February, down 10.5 percent from the revised rate of 1.21 million in January.

The report also showed a drop compared to a year earlier in the median price of a new home -- the level at which half of homes sell for more and half sell for less. In February the median price was $230,400, down $6,900, or 3 percent from February 2005.

While it is not uncommon that prices fluctuate month to month, a year-over-year decline in prices is far less common. February also marked the fourth straight month-over-month decline in median price since the record of $243,900 was reached in October. The current median is 5.5 percent below that record level.

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