Real Estate Crash Continues: Median Home Price Declined 13.3% Between March 07 and March 08
April 24th, 2008Via: AP:
Sales of new homes plunged in March to the lowest level in 16 1/2 years as housing slumped further at the start of the spring sales season. The median price of a new home in March compared with a year ago fell by the largest amount in nearly four decades.
The Commerce Department reported Thursday that sales of new homes dropped 8.5% last month to a seasonally adjusted annual rate of 526,000 units, slowest sales pace since October 1991.
The median price of a home sold in March dropped 13.3% from March 2007, biggest year-over-year price decline since a 14.6% plunge in July 1970.
The dismal news on new-home sales followed earlier reports showing that sales of existing homes fell 2% in March. Housing, which boomed for five years, has been in a prolonged slump the past two years with sales and home prices falling most sharply in areas of the country that boomed the most.
For March, sales were down in all regions of the country, dropping most in the Northeast, a decline of 19.4%. Sales fell 12.9% in the West, 12.5% in the Midwest and 4.6% in the South.
