Industry News

Supply of new homes for sale hits 27-year high

Median price down 15.1% in January

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The for-sale inventory of new single-family homes bloated to its highest level in 27 years in January, as sales of new single-family homes slipped to the lowest adjusted annual rate in about 13 years, the U.S. Census Bureau and the Department of Housing and Urban Development announced today. The supply of new, single-family for-sale homes reached 9.9 months in January, which means it would take nearly 10 months to sell all of those homes at the January sales pace. It was the largest supply since October 1981, when there was an estimated 10.3 months' supply of single-family new homes for sale Single-family new-home sales in January dipped to a seasonally adjusted annual sales rate of 588,000, which is 33.9 percent below the January 2007 rate and 2.8 percent below the December 2007 rate. This rate is a projection of a monthly sales total over a 12-month period, adjusted to account for seasonal fluctuations in sales activity. The January rate was the lowest since it fell to 55...