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.”


via Barron’s Econoday

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

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