January New Home Sales Drop 34%

Sales of new homes in January dropped 33.9% from the same month last year to a seasonally adjusted annualized rate of 588,000 units, according to the Census Bureau. The rate was 2.8% below December's pace.
The median sales price of a new home was $216,000, 15.1% below the median price reported in January, 2007, and 4.3% below December's median. There were 9.9 months' worth of new homes built and unsold in January, up from 7.2 months' worth in January of last year.