US new home sales plunge to lowest levels since 1963

2010-08-26 · 947 阅读

WASHINGTON - US new home sales unexpectedly plunged in July to the lowest level in about half a century, ** data showed Wednesday, reflecting the sinking housing sector.

Sales of new single-family houses slumped 12.4 percent in July from a month earlier to 276,000 units from a revised June rate of 315,000, the Commerce Department said.

July sales broke below the 300,000 mark for the first time in the data's 47 years of history, baffling most economists who had expected sales to rise to 334,000 units.

The sagging sales show that the housing market, which was at the epicenter of the financial crisis that dragged the country into recession, continues to weaken despite attractive prices and record low borrowing costs.

The July median new home price of 204,000 dollars was the lowest since late 2003, the department said.

"This was a particularly disappointing report since the effects of the expiration of the first-time homebuyer tax credit should have dissipated by July for this series," said Barclays Capital analyst Theresa Chen said.

A ** homebuyers' tax credit incentive introduced to boost economic recovery expired way back in May.

The latest data came a day after an industry group said existing US home sales -- considered the core of the residential real estate market -- plunged a whopping 27.2 percent in July to levels unseen in more than a decade.

Sales dropped to 3.83 million units from a revised 5.26 million units in June, said the National Association of Realtors (NAR).

The plunge was more than double the 12.1 percent expected by most economists.

July existing home sales were also the lowest level since the data series was launched by the association in 1999, and single-family home sales -- accounting for the bulk of transactions -- were at the lowest since May 1995.

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