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Property Plunge: USA Homes Reach Record Low

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Property Plunge: USA Homes Reach Record Low

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The decline is the most acute of its kind since 1994. Sales for December were out by over 44% compared to this time last year.

As buyers insist on waiting for prices to drop further, the sale of new homes dropped by a record 14.7%, the U.S. government said yesterday. The decline is the most acute of its kind since 1994. Sales for December were out by over 44% compared to this time last year.

Joshua Shapiro, the MFR chief US economist, stated that "until prices reach market-clearing levels, sales will remain weak and housing starts are going to stay under downward pressure."

The average cost of a house also dropped in December. New houses were being sold for $206,500, which is below the November median of $219,700. The decline, however, has not been sever enough to warrant a demand for new homes.

Strategist Alan Ruskin of RBS Greenwich Capital commented that prices will "continue to be cut, but with inventories still building there are few signs that builder price cutting is getting ahead of demand."

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