New Homes Set Record: Sales Fell 26% in â07
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The decline was the steepest since records began in 1963, the Commerce Department said.
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WASHINGTON -- Reflecting further housing troubles, sales of existing homes fell in May to the lowest level in four years while the median home price dropped for a record 10th consecutive month.
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Sales of new homes rose unexpectedly in April to the fastest pace this year as the housing sector showed resilience in the face of rising mortgage rates. But the price of homes sold last month fell and the level of unsold homes rose to a record high.
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New single-family U.S. home sales fell 4.7 percent in December to the lowest rate in nearly 13 years while the median sales price dropped sharply according to a government report on Monday that delivered more grim news for the housing sector.
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The number of new mortgages being given to house movers falls by 20% in the past year, Bank of England figures show.
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Sales of new U.S. homes defied  predictions of a slowdown in April and rose 4.9 percent while  prices climbed, although the supply of homes for sale hit a  record, a government report showed on Wednesday.
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The bigger-than-expected decline in existing home sales came amid continuing turmoil in mortgage markets.
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Don't be shocked, but: New home sales were soft last year.
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The number of existing homes sold also fell, suggesting that the sharp decline in home sales seen earlier this year has for now leveled off.
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Sales of new homes rose to a record high in 2004, the fourth straight annual record. But activity in December barely budged after a big drop the previous month, suggesting the nation's red-hot housing market may finally be cooling.
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Sales of new homes unexpectedly plunged in November at the sharpest rate in more than a decade, falling 12 percent to the weakest annual rate since July, the Commerce Department said on Thursday.
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The pace of existing home sales in July fell slightly to a 5.75 million unit annual rate and the supply of unsold single-family homes hit its highest since 1991, the National Association of Realtors said in a report on Monday.
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Sales of new homes plunged in August and prices posted their biggest year-on-year drop in nearly 37 years, the Commerce Department reported on Thursday, underlining the depth of problems facing the U.S. housing sector.
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New-home sales fell more than expected in November, tumbling 9 percent from October to a seasonally adjusted annual rate of 647,000.
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Sales hit their lowest rate in over seven years, as tighter credit and rising inventories hurt the housing industry.
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In traditionally weak quarter, sales increased 26% compared to last year.
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WASHINGTON -- Sales of existing homes posted a tiny increase in October, the first gain in eight months, but the median price of homes sold last month fell by a record amount.