New homes at lowest level since ’91
WASHINGTON — Sales of new homes plunged in March to the lowest level in 161⁄2 years as housing slumped further at the start of the spring sales season. The median price of a new home compared to a year ago fell by the largest amount in nearly four decades.
The Commerce Department reported today that sales of new homes dropped by 8.5 percent last month to a seasonally adjusted annual rate of 526,000 units, the slowest sales pace since October 1991.
The median price of a home sold in March dropped by 13.3 percent compared to March 2007, the biggest year-over-year price decline since a 14.6 percent plunge in July 1970.
