New Home Sales Fall to 37-Year Low

Sales of new homes fell 12.4 percent in July to the lowest level since the government started keeping records in 1963, the U.S. Commerce Department reported Wednesday.

Single-family home sales fell to a seasonally adjusted annual sales rate of 276,000 units, a 32.4 percent drop from June.

The median sale price for new homes in July was $204,000, a 4.2 percent decline from June, and a 2.9 reduction from July 2009, according to Commerce.

New-home inventory at the end of July was 210,000, a 9.1-month supply at the current sales pace.

Source: The Los Angeles Times, Alejandro Lazo (08/26/2010)