Homes Sales Have Reached All Time Low
New Home sales have dropped and are lower now than they have been in 16 years. There was hope that the beginning of Spring would bring more sales and would give home owners and potential home owners the chance to start over. Yet, it seemed that things just got worse and there is no silver lining.
The median price of a new home in March, compared with a year ago, fell by the largest amount in nearly four decades. The Commerce Department reported Thursday that sales of new homes dropped by 8.5 percent last month to a seasonally adjusted annual rate of 526,000 units, the slowest sales pace since October 1991. The median price of a home sold in March dropped by 13.3 percent compared with March 2007, the biggest year-over-year price decline since a 14.6 percent plunge in July 1970.