New Home Sales Fall To Record Low

New home sales in the U.S fell to a record low in January.

The Census Bureau report:

Sales of new single-family houses in January 2010 were at a seasonally adjusted annual rate of 309,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 11.2 percent (±14.0%)* below the revised December rate of 348,000 and is 6.1 percent (±15.1%)* below the January 2009 estimate of 329,000.

Homebuilders are facing tough competition given that the market is flooded with foreclosed homes. To add to there problems unemployment remains high at 9.7% and companies are slow to hire.

New home sales break down by regions:

Northeast: declined 35%
West: declined 12%
South: declined 9.5%
Midwest: rose 2.1%

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Tags: economic progress, Housing Market

This entry was posted on February 24, 2010 at February 24, 2010 and is filed under Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed.