The Commerce Department report.
- 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.