New-Home Sales Crumble
Sales of new homes reached a nearly 13-year low in December, falling 4.7% from November and almost 41% from the year-ago period.
The Census Bureau said Monday that sales of new single-family homes in December were at a seasonally adjusted annual rate of 604,000 units, compared with a downwardly revised 634,000 in November. In December 2006, home sales were at a rate of 1.02 million units.
The December data were well worse than economists' expectation for a selling rate of 645,000 homes, based on data from Reuters. The figures marked the lowest sales pace since February 1995.
Prices also slid, with the median home price reaching $219,200 in December. In November, the median price of a new house was $239,100.
Housing Gloom Opens Door for Bigger Rate Cut
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV