New Home Sales: Down 48.2%

Some very ugly data today on New one-family house sales for January 2009.

The seasonally adjusted annual rate of 309,000 — a record-low. (The December data was revised downwards to 344,000 unit sales).

The month over month data at down 10.2% was not statistically significant given the margin of error of ±15.4%.  The year over year data is an astonishing contraction of 48.2% (±6.8%) below January 2008’s 597,000 sales. Approximately 342,000 new houses for sale at the end of January, representing a 13.3 month supply.

Median price fell 13.5% year over year, and dropped 10% sequentially (monthly).

Rex Nutting adds that the drop in January took place “despite a record drop in prices.”

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via Barron’s Econoday

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Source:
NEW RESIDENTIAL SALES IN JANUARY 2009
U.S. Census Bureau and the Department of Housing and Urban Development.
February 26, 2009
http://www.census.gov/const/newressales.pdf

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