Wednesday, June 25, 2008

May New Home Sales Down 40%

Sales of new single family homes fell 40.3% in May from the same month last year to a seasonally adjusted annualized rate of 512,000 units, according to the Census Bureau. Through the first five months of 2008, some 236,000 new single family homes have been sold, down 37.1% from the same period of 2007.
Median sales price of a new home in May was $231,000, down 5.7% from the same month last year. At current sales rates, builders have 10.9 months of unsold inventory; in May 2007 they had 7.8 months' worth.

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