New Home Sales Down 36% in First Half 2008

Sales of new homes through the first half of 2008 totalled just 289,000 units, down 35.5% from the same period of 2007, according to the most recent figures from the Census Bureau.
June new house sales were down 33.2% from the same month last year to seasonally adjusted annualized rate of just 530,000 units.
At present sales rates, builders have 10 months worth of unsold inventory.