New-Home Sales - 17-Year Low; Supply of Homes - 27-Year High

Real Estate

U. S. Commerce Department estimated:

1) New-home sales plunged by 8.5% to a 17-year low in March,
2) Seasonally adjusted annual rate of 526,000 was much weaker than the 577,000 pace expected by economists,
3) New-home sales down 36.6% compared with 2007;
4) April 2008 supply of homes on the market rose to 11 months, the most in 27 years,
5) Median sales prices have fallen 13.3% in the past year to $227,600.