The Commerce Department report.

A roundup:

  • Sales of single family homes rose 4.7%
  • Financial markets had expected a sales drop of 2.9%
  • But new home sales plunged 13.2% in January
  • And year over year new home sales fell 41.1%
  • The median price of a new home dropped 18.1% to $200,900
  • The average price decreased 16.7% to $251,000
  • Homes for sale inventories declined to 330,000 from 340,000

A graph to top it off:

The price drops suggest buyers continue to believe waiting will bring cheaper prices still. Foreclosure data and stagnant inventory support them in this - as does the continuing dislocation elsewhere in the financial sector.

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