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New Homes Sales in U.S. Hits Lowest Level in 17 Years, Prices Continue to Drop

Atlanta, Ga. 12/24/2008 2:01:30 AM

The sale of new homes in the United States has hit a 17-year low and real estate experts have predicted that figures could continue to drop as the new year approaches. Coupled with the drop in new homes sales is an eight-month high in price drops for new homes.

 

Many expect the slumping real estate market to continue its slide until the prices hit a low enough level to reduce the number of new homes for sale.

 

According to the latest numbers from the U.S. Commerce Department the sale of new homes was down 2.9% from October and showed an annual sales rate of just 407,000 new homes.

 

That figure is the worst since January 1991 and with the current economic slump that has crippled the housing market for more than two years Decembers numbers could be even worse.

 

Click here for more Real Estate News

 

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