New Home Sales are at record lows.
Sales of new single-family houses in January 2010 were at a seasonally adjusted annual rate of 309,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development.
This is 11.2 percent (±14.0%)* below the revised December rate of 348,000 and is 6.1 percent (±15.1%)* below the January 2009 estimate of 329,000.
Supply is now 9.1 months. The average sales price, in my view is still out of alignment with wages in this country, especially now, more and more people are becoming retail sales clerks and burger flippers.
The median sales price of new houses sold in January 2010 was $203,500; the average sales price was $254,500. The seasonally adjusted estimate of new houses for sale at the end of January was 234,000. This represents a supply of 9.1 months at the current sales rate.
Breaking down by regions):
This is a bad news, but not unexpected if one has been reading this site, for housing data. As always, check out the additional graphs and comments from Calculated Risk.
One thing I'm wondering about is mobility. How mobile are certain regions of the country, how often must they move to find work? I just noticed the differences in the regional graphs and I was wondering how much of an input internal migration causes in these sales?