Tuesday, December 30, 2008

BBC NEWS | Business | US new home sales at 17-year-low

BBC NEWS | Business | US new home sales at 17-year-low

US sales of new homes slowed to their lowest level in 17 years in November, while new home prices dropped by the biggest amount in eight months.

New home sales fell to a seasonally adjusted annual sales rate of 407,000 - down 2.9% from October, according to the US Commerce Department.

The figures are further evidence of the slump in the US housing market.

The market is unlikely to recover until prices fall far enough to reduce the large number of homes for sale.

November's new home sales figure was worse than economists had expected and was the slowest sales pace since January 1991.


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