Wednesday, February 24, 2010
NEW YORK (CNNMoney.com) — Sales of new homes plunged to a record low in January, government figures showed Wednesday, as the weak economy and a glut of foreclosed homes continue to weigh on the market.
The seasonally adjusted annual rate of new home sales plummeted 11.2% to 309,000 last month, compared with a revised rate of 348,000 in December, the Census Bureau said. That’s a decline 6.1% from January 2009.
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It was the lowest rate since the government began keeping records in 1963 and comes after declines in November and December.
The drop surprised many industry analysts. A consensus of economists surveyed by Briefing.com had expected January sales to rise to an annual rate of 354,000.
This article was posted: Wednesday, February 24, 2010 at 11:03 am