New Home Sales Plummet in January
New Home Sales Plummet in January
New Home Sales Plummet in January
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February 25, 2011 (Chris Moore)
mortgage-jet-nosediving-image
In the latest new home sales report released by the Commerce Department, new single-family homes plummeted 12.6 percent in the month of January to a seasonally adjusted rate of 284,000, a dismal showing following one of the sector’s worst years in half a century.

Overall, new-home sales were down 18.6 percent compared to January 2010. The median sales price for a new home dropped 1.9 percent from December to $230,600. Compared to last January, the median price still was up 5.7 percent.

Two out the four regions, the Northeast and the Midwest, experienced sales increases compared to December 2010, however, sales plummeted in the West by 36.5 percent, while the South saw sales dip 12.8 percent. All regions showed declines from year-over-year sales.

At January’s sales pace, the supply of new homes on the market rose to 7.9 months worth from 7.0 months worth in December. There were 188,000 new homes available for sale last month.

Buyers purchased 322,000 new homes last year, the fewest annual total on record going back 47 years. It was a drop of 14.1 percent from the 375,000 new homes sold in 2009. A glut of foreclosed houses on the market is putting pressure on new home sales, forcing builders to drastically scale back on construction projects.

New-home sales remain at about half the 600,000 a year pace that economists view as healthy.

Tags: Commerce Department, new home sales, single family homes, median sales price, average sales price, construction projects

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February 25, 2011 (Chris Moore)
mortgage-jet-nosediving-image
In the latest new home sales report released by the Commerce Department, new single-family homes plummeted 12.6 percent in the month of January to a seasonally adjusted rate of 284,000, a dismal showing following one of the sector’s worst years in half a century.

Overall, new-home sales were down 18.6 percent compared to January 2010. The median sales price for a new home dropped 1.9 percent from December to $230,600. Compared to last January, the median price still was up 5.7 percent.

Two out the four regions, the Northeast and the Midwest, experienced sales increases compared to December 2010, however, sales plummeted in the West by 36.5 percent, while the South saw sales dip 12.8 percent. All regions showed declines from year-over-year sales.

At January’s sales pace, the supply of new homes on the market rose to 7.9 months worth from 7.0 months worth in December. There were 188,000 new homes available for sale last month.

Buyers purchased 322,000 new homes last year, the fewest annual total on record going back 47 years. It was a drop of 14.1 percent from the 375,000 new homes sold in 2009. A glut of foreclosed houses on the market is putting pressure on new home sales, forcing builders to drastically scale back on construction projects.

New-home sales remain at about half the 600,000 a year pace that economists view as healthy.

Tags: Commerce Department, new home sales, single family homes, median sales price, average sales price, construction projects

FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateNetwork and the offers you have received, you've found the right product and the best rate.
HOW LOANRATENETWORK
LOAN CENTER WORKS
ADVANTAGES OF USING
LOANRATENETWORK
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.
Helpful Tools

February 25, 2011 (Chris Moore)
mortgage-jet-nosediving-image
In the latest new home sales report released by the Commerce Department, new single-family homes plummeted 12.6 percent in the month of January to a seasonally adjusted rate of 284,000, a dismal showing following one of the sector’s worst years in half a century.

Overall, new-home sales were down 18.6 percent compared to January 2010. The median sales price for a new home dropped 1.9 percent from December to $230,600. Compared to last January, the median price still was up 5.7 percent.

Two out the four regions, the Northeast and the Midwest, experienced sales increases compared to December 2010, however, sales plummeted in the West by 36.5 percent, while the South saw sales dip 12.8 percent. All regions showed declines from year-over-year sales.

At January’s sales pace, the supply of new homes on the market rose to 7.9 months worth from 7.0 months worth in December. There were 188,000 new homes available for sale last month.

Buyers purchased 322,000 new homes last year, the fewest annual total on record going back 47 years. It was a drop of 14.1 percent from the 375,000 new homes sold in 2009. A glut of foreclosed houses on the market is putting pressure on new home sales, forcing builders to drastically scale back on construction projects.

New-home sales remain at about half the 600,000 a year pace that economists view as healthy.

Tags: Commerce Department, new home sales, single family homes, median sales price, average sales price, construction projects

HOW LOANRATENETWORK
LOAN CENTER WORKS
FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateNetwork and the offers you have received, you've found the right product and the best rate.
ADVANTAGES OF USING
LOANRATENETWORK
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT
CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.