Interesting news the other day out of the Commerce Department and reported in the New York Times about new-home prices: The median price (the statistical point where half the houses are priced less but half are priced more) of a new house nosedived 9.7 percent last month when compared with the same month one year earlier. That price, by the way, is $217,100. The decrease represents the “biggest such drop since December 1970,” reports the Times. Now on the positive side, of course, this means new homes are available to buyers at cheaper prices than before. But, the larger picture, some experts say, is one of an economy that may be in for some turbulence ahead.
As the paper points out in an article by Jeremy Peters, the folks who build new houses are just trying to keep ahead of a market that seems to be weakening with each passing day. It was only two months ago when the new home prices were still on the rise.
Related posts:
- Median Home Prices Fall First Time in 11 Years
- U.S. Home Prices in Sharpest Decline on Record
- Zillow Takes Step Towards Democratizing Home Prices
- 2007-A Year Of Declining CA Housing Prices?
- Yes, Housing Prices Can and DO Decline
Article Author: Charles FeldmanCharles has written 179 articles for us.
Visit Charles's Website: http://www.thefeldmanblog.com
Charles is currently reporting for KNX Radio in Los Angeles, is the co-author of the book No Time To Think, and can be found commenting about the news on his blog, The Feldman Blog, as well as on The Huffington Post.
Joshua Dorkin
