New Home Sales Plunge to Slowest Pace on Record
Sales of new homes dropped 14.7 percent in December to the slowest monthly pace dating back 45 years.
New homes sold at an annual pace of 331,000, the slowest rate since the records began being kept in 1963, according to Commerce Department figures released moments ago.
For all of 2008, builders sold 482,000 new homes, the worst results since the recession year of 1982, when 412,00 new homes were sold.
-- Frank Ahrens
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By
Frank Ahrens
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January 29, 2009; 10:32 AM ET
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The Ticker
| Tags: home prices, home sales
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