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New Home Sales Plummet in February
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| Contributor | RP |
| Last Edited | RP Mar 24, 2006 12:12pm |
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| Category | Report |
| News Date | Friday, March 24, 2006 03:05:00 PM UTC0:0 |
| Description | Sales of new homes plunged by the largest amount in nearly nine years in February while the median price of a new home dropped for the fourth straight month, providing fresh evidence that the nation's once-booming housing market is cooling off.
The Commerce Department reported that sales of new single-family homes dropped by 10.5 percent last month to a seasonally adjusted annual sales pace of 1.08 million homes. It was the second straight monthly decline and was much bigger than the small 2 percent dip that Wall Street was expecting. |
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