Last night it was reported new home sales in the USA fell 6.6% to 834,000, the lowest record since 2002. Compared year on year to June 2006, sales are down 22.3%.
The sales price of new homes is down 2.2% year on year compared with June 2006.
Meanwhile Inventories of unsold houses totaled 537,000, unchanged. Year on Year, Inventories are down 5%. Builders are offering a range of incentives such as free holidays and new cars to help sell new homes and reduce inventories.
» New-home sales drop 6.6% to 834,000 in June – Market Watch, July 26th 2007.