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New home sales were below the January 2009 rate of 329,000 and there is no way to sugarcoat these numbers, according to Weiss Research real estate analyst Mike Larson.

Despite the extension of the homebuyer tax credit in November, sales of newly constructed homes fell to a seasonally adjusted annual rate of 309,000 in January from a 348,000 rate in December.

"They stink," Larson said. "Fewer new homes were sold in this country than at any time since the Kennedy administration. The inventory of homes for sale increased, and the median price of a new home fell to its lowest level in more than six years," Mr. Larson said

New home sales plunged 11.2% in January from the previous month ending a streak of encouraging news on a possible housing recovery.

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Posted by Customer Service on February 25th, 2010 2:33 PMPost a Comment (0)

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