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.”
NEW RESIDENTIAL SALES IN JANUARY 2009
U.S. Census Bureau and the Department of Housing and Urban Development.
February 26, 2009