Pioneer Press Thu, 24 Apr 2008 20:10:25 -0600
New home sales plunge to lowest level in 16 years
Sales of new homes plunged in March to the slowest pace in 16 1/2 years, and the median price of a new home in March compared with a year ago fell at the fastest clip in 38 years. Sales of new homes dropped by 8.5 percent last month to a seasonally adjusted annual rate of 526,000 units, the slowest sales pace since October 1991, the Commerce Department reported Thursday. The median price of a home sold in March fell by 13.3 percent compared with March 2007, the biggest year-over-year price decline since a 14.6 percent plunge in July 1970. Earlier this week, the National Association of Realtors reported that sales of existing homes also fell in March, dropping by 2 percent, with prices declining on a year-over-year basis by 7.7 percent.
[[keywords: Housing;Metro;]]
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