WASHINGTON — Sales of new homes declined 11% in August from the previous month, the lowest level since 1991, and were 34.5% less than the levels in August 2007, the Commerce Department reported today.
There were 460,000 new homes sold, compared with 520,000 in July and 702,000 in August 2007.
It was the second consecutive day of bleak housing data. Yesterday, the National Association of Realtors reported that existing home sales fell 2.2% in August and were down 10.7% from the same period last year.
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The one bit of good news in today's report was in the Midwest, where new home sales increased 7.2%. The largest decline was in the West, which saw sales drop 36.1%
The year-to-year sales figures declined in all four regions, ranging from 24.4% in the South to 50% in the West.
August's median price for a new home was $221,900, a 5.5% drop from July and a 6.2% decline from August 2007.
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