New Home Sales Fall For Third Straight Month
WASHINGTON D.C. (AP) — The government reports more bad news for the beleaguered housing industry. Sales of new homes fell in January for a third straight month, pushing activity down to the slowest pace in nearly 13 years.
The median price of a new home dropped to the lowest level in more than three years.
The Commerce Department reported Tuesday that new home sales fell by nearly 3 percent last month to a seasonally adjusted annual rate of 588,000 units, the slowest pace since February 1991.
The median price of a new home dropped to $216,000 in January, down more than 4 percent from the December median sales price.
