New-home sales slump 0.9% in January, first drop in five months |
| Los Angeles Times - Feb 24, 2012 |
More home-buyers turned to older homes in January, pushing sales of new homes down 0.9% in their first drop in five months.
Sales of new residential properties slipped nationally to a seasonally adjusted rate of 321,000 from December’s 324,000 -- which had been the highest rate in a year, according to the Commerce Department.
But compared to January 2011, sales were up 3.5%. The median price of a new home was $217,000 – down 9.6% year over year.
Still, buyers rattled by high unemployment and mixed economic messages were leaning more toward used homes, which are usually less expensive than new ones.
About 151,000 new homes were listed for sale – a record low. The homes will take 5.6 months to sell off, according to the report.
Read Full Article from Los Angeles Times
- Posted: 2012-02-24 14:56:22
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