Single-Family Home Sales Closed 2009 In A Decline

Posted by Orb Staff on January 28, 2010 No Comments
Categories : Residential Mortgage

The Department of Commerce's U.S. Bureau of the Census has reported that new, single-family home sales closed 2009 in decline, with a drop of 7.6% from 370,000 units in November to 342,000 units in December. This followed a 9.3% drop in from October 2009 to November 2009.

‘We've long known that the path to recovery would be long and difficult,’ says Under Secretary Rebecca Blank. ‘New home builders have recently been facing unusually high competition from existing homes, but looking ahead, low interest rates, reduced prices and the extension and expansion of the tax incentive provide a favorable environment for gains in new-home sales in the coming months.’

During December 2009, single-family home sales fell by 41.1% in the Midwest and 7.3% in the South. However, Northeastern sales rose 42.9% and sales in the West rose by 5.2%.

SOURCE: Commerce Department

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