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.”
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
Originally published at The Big Picture blog and reproduced here with the author’s permission.