AP: “New-Home Sales Plunge to Lowest Level in More Than 12 Years”

AP reports today:

…new-home sales tumbled by 9 percent in November from October to a seasonally adjusted annual rate of 647,000. That was the worst showing since April 1995, when the pace of sales was 621,000.

The sales pace for November was much weaker than economists were expecting…

New-home sales dropped by 19.3 percent in the Northeast…

Over the last 12 months, new-home sales nationwide have tumbled by 34.4 percent, the biggest annual slide since early 1991, and stark evidence of the painful collapse in the once high-flying housing market.

See also:

AP: “October Home Prices Post Record Decline”