Industry NewsMarkets & Economy

New-home sales sink 30.6% in past year

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The estimated sales pace of new single-family homes in March held almost level with the prior month, the U.S. Census Bureau and U.S. Department of Housing and Urban Development reported today, though it was off an estimated 30.6 percent from the same month last year. Sales were at a seasonally adjusted annual rate of 356,000 in March, compared with 358,000 in February and 513,000 in March 2008 -- the rate is a projection of a monthly sales total over a 12-month period, adjusted to account for typical seasonal fluctuations in sales activity. The median sales price of new single-family homes sold in March 2009 was $201,400, down 12.2 percent from the March 2008 median price of $229,300. And the average sales price was $258,000, down 10.3 percent compared with the March 2008 average price of $287,600. There was an estimated 10.7-month supply of new homes for sale in March -- this suggests it would take 10.7 months to sell off the inventory of for-sale homes at the March sales p...