New-home sales rate falls 80% from peak

Federal report piles on to record-low resale stat

New-home sales dropped to an all-time low in July, federal agencies announced today, following on the heels of a National Association of Realtors’ report of a record low sales rate for resale homes.

The seasonally adjusted annual sales rate for new, single-family homes tumbled an estimated 32.4 percent year-over-year in July, to 276,000, and fell an estimated 12.4 percent compared to June 2010, the U.S. Census Bureau and U.S. Department of Housing and Urban Development reported today.