Wednesday, June 25, 2008

New Home Sales Data was released today

A government survey released today showed sales of new homes in May tumbled 2.5 percent across the United States.

The report said that new home sales declined to a seasonally adjusted pace of 512,000 homes (that means: across the nation a total of 42,666 homes sold in May -- seasonally adjusted of course).

"New homes are still a tough sell. Despite aggressive pricing, half of completed new homes are still sitting on the market after 8.5 months, the highest median months reading since 1982," said Patrick Newport, a US economist at Global Insight.


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