This is a brutal number: New Home Sales fell last in December 2008 to the lowest level on record — a seasonally adjusted annual rate of 331,000.
Month over month, the drop was 14.7% (±13.9%), and year over year, the collapse was an astounding 44.8% (±10.8%) below December 2007.
If we take the raw sales data (NSA), the level of home sales in 2008 was 482,000, the lowest since 412,000 in 1982, the WSJ reported.
Other data points:
▪ The median sales price of new houses sold in December 2008 was $206,500;
▪ The average sales price was $246,900.
▪ Seasonally adjusted estimate of new houses for sale = 357,000, a supply of 12.9 months at the current sales rate;
▪ This inventory to sales ratio is a new all time high dating back to at least 1963.
▪ 482,000 new homes were sold in 2008, a decrease of 37.8% (±2.7%) below the 2007’s 776,000;
Monthly New Home Sales (NSA) 2003-08
via Calculated Risk
New Home Sales in December
The Census Bureau, Bloomberg, Jan. 29 2009
U.S. New-Home Sales Fell in December to Lowest Level on Record
Bloomberg, Jan. 29 2009
New-Home Sales Tumbled in December
BRIAN BLACKSTONE and JEFF BATER
WSJ, JANUARY 29, 2009, 10:15 A.M. ET