Industry News

New-home sales rate hits 12-year low

Rate of existing-home sales falls 20% year-over-year in November

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The rate of new-home sales in November sunk to its lowest level since April 1995, while the sales rate for previously owned homes dropped 20 percent in November compared to the same month last year, according to government and National Association of Realtors reports. The median price of resale homes dropped 3.3 percent in November compared to November 2006, the Realtor group reported, and the U.S. Census Bureau and U.S. Department of Housing and Urban Development reported that the median new-home sales price dropped 0.4 percent from November 2006 to November 2007. Meanwhile, a home-price report released by Standard & Poor's/Case Shiller, which measures resale price changes by comparing multiple sales of the same homes over time, found that prices dipped 6.1 percent on average for a group of 20 major U.S. metropolitan areas year-over-year in October. Sales of previously owned homes reached a seasonally adjusted annual rate of 5 million in November, which compares to a r...