Thursday, September 27, 2007

Happy Housing News of the Day

New home sales suck.

WASHINGTON (Reuters) - Sales of new single-family homes fell 8.3 percent in August to a 795,000 annual sales pace, its slowest rate in over seven years, while the inventory of homes dropped, a Commerce Department report showed on Thursday.

Analysts polled by Reuters were expecting August sales to fall to an annual rate of 830,000 from July's previously reported rate of 870,000, which was revised to 867,000. The August sales pace was the slowest since a 793,000 rate in June 2000.

Median price also fell 8.3%, and inventory is at 8.2 months.