New Home Sales Plummet 13% To 284,000 Annualized Rate, 19K Actual Homes Sold Lowest Monthly Ever

Zero Hedge ^ | 02/24/2011 | Tyler Durden

[Leisler]

"Sales of new single-family houses in January 2011 were at a seasonally adjusted annual rate of 284,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 12.6 percent (±11.2%) below the revised December rate of 325,000 and is 18.6 percent (±15.4%) below the January 2010 estimate of 349,000. The median sales price of new houses sold in January 2011 was $230,600; the average sales price was $260,300. The seasonally adjusted estimate of new houses for sale at the end of January was 188,000. This represents a supply of 7.9 months at the current sales rate." Less than 500 homes (Z) sold in the over $750,000. And the stunner: only 19k non-annualized homes were sold. The lowest monthly total ever. (and as JT Smith points out, of the 19K, 53% were vacant lots or under construction).

[Leisler]

Unexpectedly

[RexBeach]

Too bad this isn’t golf. Low score wins!

[Lazlo in PA]

"The economy is now in full recovery. The stimulus has worked the way it was designed. As a result, the housing market is in great shape. All the home loan modifications worked. The housing market could not be better. This is a great day for the regime. In other news, we are loved and respected all over the world..."

[Leisler]

I feel bad for a Sadamm spokesman to be associated with Bernanke, Obama...Congress.

[FromLori]

I like ZH it’s a great place to find out what is really going on in the world thanks for posting.

[PGR88]

Its demographics as well as economics - that’s why I think it will take a LONG time to see any improvement.

Baby Boomers are aging and seeing their retirement funds decline. Families have fewer kids. Young people are living with their parents much longer, and the Gov’t is encouraging them to remain children and dependent.

Who is going to be buying more or bigger housing?

[CodeToad]

“single family”? Seems like even townhomes must be included in that. I simply do no see single family DETACHED homes being built anywhere.

[dglang]

I live in the Sullivan Ranch subdivision on the south east side of Mount Dora Fl.

There are still building and selling single family homes here. They just recently opened a new section for development with some new models.

[Loyal Buckeye]

“single family”? Seems like even townhomes must be included in that. I simply do no see single family DETACHED homes being built anywhere.

Yeah, I would expect both attached and detached would be included in that number.

[nascarnation]

I feel bad for friends and family getting hammered by the Baraqqi Depression.

But I’m confident that the surging oil prices and inflation will torpedo Baraq’s re-election chances.

[Leisler]

It would be nice if metro man Obama and all his lawyer/fagoo envior minions didn’t destroy the Gulf deep water oil industry, and be trying to shut down the new tech fracting in the upper west and Pennsylvania.

Instead they tax us to buy Chinese build windmills, sold by hack suck up GE, to then further be forced via electric rates to pay and profit those tax farming, profit farming windmill farms.