2011 Record Low for New Home Sales
Get widgets
Print
Facebook
RSS- By:
- Kara Johnson | January 27, 2012
New home sales had their worst year on record in 2011, with the estimate of 302,000 single-family homes the lowest reported annual total since the Census Bureau started tracking the data in 1963.
The 2011 tally represented a 6.2 percent decline from the 2010 estimate of 323,000, which was the previous all-time low. Prior to 2009, when the total was 375,000, the Census Bureau had never reported less than 400,000 new home sales in any single year in nearly half a century.
New home construction and sales have been pounded by the foreclosure epidemic, which has flooded the market with cheap homes that have driven down overall housing values and made newly built homes less attractive financially. While there have been signs of an improvement in single-family construction in recent months, overall the market remains extremely weak.
For the month, new home sales were down slightly in December, dropping 2.2 percent from November’s level to a seasonally adjusted annual rate of 307,000 units. That’s 7.3 percent lower than the estimated rate of 331,000 units reported for December 2010.
The median sales price for a new home in December 2011 was $210,300, compared to $241,300 in December 2010. For the year, the median sales price was $225,800, up from $221,800 in 2010.
Call For Rates
800-419-1494
Speak to a lender now.
We will match calls to our toll free number with our network of lenders.See Today's Rates
National Rates
| Loan Type | Today | +/- |
|---|---|---|
| 30 yr fixed | 3.81 |
|
| 15 yr fixed | 3.15 |
|
| 5/1 ARM | 2.73 |
|
Rates may contain points
Browse Mortgage Rates
Featured Guides
Browse our comprehensive guides to popular topics related to mortgage and personal finance.