New home sales plummet
We all know the housing market is on shaky ground right now, with even some of our well-known developers showing signs of trouble, such as Metro Homes & K. Hovnanian – Maybe THIS is why none of the “predominant” developers of the area didn’t care to bid on the Muni-Garage proposal? Hmmm?
The Associated Press reported that sales of new homes dipped in November to their lowest level in more than a dozen years, proof that there are serious issues in the housing sector.
New home sales fell by 9 percent from October to November to a seasonally adjusted rate of 647,000, the Commerce Department reported. The last time it was near this level was in April 1995 at 621,000 units.
The economists weren’t expecting such a weak sales pace in November (shows you how much they know!) They predicted a drop of slightly under 2 percent (or a pace of 715,000.)
$239,100 was the median sales price of a new home in November, but only dropped 0.4 percent from a year ago.