New Home Sales: Down 48.2%
Posted By Barry Ritholtz On February 26, 2009 @ 10:22 am In Markets | Comments Disabled
Some very ugly data today on New one-family house sales for January 2009.
The seasonally adjusted annual rate of 309,000 — a record-low. (The December data was revised downwards to 344,000 unit sales).
The month over month data at down 10.2% was not statistically significant given the margin of error of ±15.4%. The year over year data is an astonishing contraction of 48.2% (±6.8%) below January 2008′s 597,000 sales. Approximately 342,000 new houses for sale at the end of January, representing a 13.3 month supply.
Median price fell 13.5% year over year, and dropped 10% sequentially (monthly).
Rex Nutting [1] adds that the drop in January took place “despite a record drop in prices.”
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[2]
via Barron’s Econoday [3]
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Source:
NEW RESIDENTIAL SALES IN JANUARY 2009 [4]
U.S. Census Bureau and the Department of Housing and Urban Development.
February 26, 2009
http://www.census.gov/const/newressales.pdf
Article printed from The Big Picture: http://www.ritholtz.com/blog
URL to article: http://www.ritholtz.com/blog/2009/02/new-home-sales-down-482/
URLs in this post:
[1] Rex Nutting: http://www.marketwatch.com/News/Story/Story.aspx?guid={C8C9D9F8-1638-4BD3-AC69-9FA6A90F9686}
[2] Image: http://www.ritholtz.com/blog/wp-content/uploads/2009/02/new-home-sales-jan-09.gif
[3] Barron’s Econoday: http://barrons.econoday.com/byshoweventfull.asp?fid=438285&cust=barrons&year=2009
[4] NEW RESIDENTIAL SALES IN JANUARY 2009: http://www.census.gov/const/newressales.pdf
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