NewsCase StudiesEvents

Property Plunge: USA Homes Reach Record Low

Also in the news...

Expand your international business to make it faster, bigger, and better

This essential hands-on book will show you how to successfully navigate the region's most attractive markets: the UAE, Saudi Arabia, Qatar, Bahrain, Kuwait, and Oman.

Are The New Import Embargos Of Big Importance?

Yes, they are. On August 6 and 7, Russia reacted to the sectorial EU-sanctions with an embargo on the import of food and agricultural products from the EU, USA, Norway, Canada and Australia.

195 Countries - Where to Go First? Introducing Winning Globally Chapter 2

In July, we released the first chapter of Winning Globally

Opportunities for UK oil and gas companies in Africa

UKTIís event in Glasgow during the Commonwealth Games highlighted support available to help UK business access export opportunities in east and west Africa.

Notice to Exporters

Russia added to prohibited destinations for certain licences

Property Plunge: USA Homes Reach Record Low

Back to News

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."

You are not logged in!

Please login or register to ask our experts a question.

Login now or register.