New Home Sales Down Sharply - KAIT Jonesboro, AR - Region 8 News, weather, sports

Washington (AP)

New Home Sales Down Sharply

DECEMBER 23, 2004 - Posted at 10:45 a.m. CST

WASHINGTON - The government reports a sharp slowdown in sales of new homes in November, the biggest tumble in a decade.

The 12% decline came despite reasonably low mortgage interest rates.

Sales were down in three or four regions, led by a 39% increase in October.

Not only is the pace of sales waning, but so are new home prices.   The average price of a new home in November was $268,000.  That's the lowest since September.   The median sales price, where half sell for more and half for less, was $206,000.  That's the lowest since December 2003.

 

(Copyright 2004 by the Associated Press.  All Rights Reserved)

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