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New home sales plunge to lowest level in 16 1/2 years

New home sales plunge to lowest level in 16 1/2 years, with biggest price fall in 38 years

The median price of a new home in March compared to a year ago fell by the largest amount in nearly four decades.

The dismal news on new home sales followed earlier reports showing that sales of existing homes fell by 2 percent in March. Housing, which boomed for five years, has been in a prolonged slump for the past two years with sales and home prices falling at especially sharp rates in formerly boom areas of the country.In other economic news, orders to factories for big-ticket manufactured goods fell for a third straight month in March, the longest string of declines since the 2001 recession, while applications for unemployment benefits fell by 33,000 to 342,000.

Posted by Steve Harless on 04/24/2008 09:34 AM

Comments (5)

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5 Comments on New home sales plunge to lowest level in 16 1/2 years

Very disappointing indeed. And, I don't think this is the worst of it.... Thanks for the eye opener. Lu

04/24/2008 09:44 AM

by Lu Kalaj (The Michigan Group)

It is far from over I believe. I think we will hit some false bottoms along the way before the true bottom hits us sometime next year

04/24/2008 09:46 AM

by Scott Benson (Connect Financial Services)

Yes that is very sad news, lets hope the end is coming soon

04/24/2008 09:47 AM

by Shannon Whitley RE/MAX OAK CREST REALTY (RE/MAX OAK CREST REALTY)

Lu: Thank goodness for foreign investment in the USA.

04/24/2008 10:01 AM

by Steve Harless (REALTY WORLD LUXURY HOMES -702.217.1680)

scott: some people are saying that it will not recover fully for 3 years..I believe vegas is a different market with all the building and jobs that are being created...who knows. time will tell.

04/24/2008 11:19 AM

by Steve Harless (REALTY WORLD LUXURY HOMES -702.217.1680)