US New Home Sales Drop to Lowest Year on Record


New home sales dropped to an annual rate of 307,000.  This is less than half of what would be expected in a normal economy.  With the reduced sales the sales prices have also dropped.  The median sales price is now $201,300.

About 302,000 new homes were sold last year. That’s less than the 323,000 sold in 2010, making last year’s sales the worst on records dating back to 1963. And it coincides with a report last week that said 2011 was the weakest year for single-family home construction on record.

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Real estate investor
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