US new home sales fall to record low

| March 23, 2011 | 0 Comments
US new home sales fall to record low

The Commerce Department has today revealed sales of new homes in the US dived to a record low last month.

According to the Commerce Department, new single-family home sales plunged 16.9% to an annual rate of 250,000 units - the lowest since records began in 1963.

Analysts had expected a rate of 290,000 units.

However, despite the fall, analysts are optimistic and do not believe a fresh downturn is on the cards - some have attributed the fall to the bad weather.

Earlier this week, the National Association of Realtors (NAR) revealed sales of previously owned homes in the US plunged to a low not seen since April 2002.

The industry body said sales dived 5.2% last month to a seasonally adjusted annual rate of 4.88 million units. However, according to many, the figures suggest the housing market is still depressed.

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