New-home sales fall to 17-year low

The number of new homes sold in March fell to a seasonally adjusted rate of 526,000, down 37% from last year.
APR 24, 2008
By  Bloomberg
Sales of new homes fell 8.5% to a 17-year low in March, as U.S. home builders slashed prices in response to sagging demand, according to a report by the Department of Commerce. The number of new homes sold fell to a seasonally adjusted rate of 526,000, down 37% from the 830,000 new homes that were sold in March 2007, marking the weakest rate since October 1991. February's sales pace was also revised down to 575,000, from 590,000. The inventory of unsold homes fell 1.1% to 468,000, which at the current level of sales would take 11 months to sell, up from February's 10.2 months' supply. The median sales price of new homes sold in March was $227,600, down 13% from a median price of $262,600 in the year-ago period. In other economic data, orders for durable goods fell 0.3% last month to a seasonally adjusted $212.2 billion, according to the Commerce Department. Durable goods, which are manufactured goods designed to last at least three years, fell 0.9% in February, revised downward from a previously estimated 1.1% drop. In another report, initial claims for unemployment benefits fell 33,000 to 342,000 in the one-week period ended April 19, according to data from the Department of Labor. The four-week average of new jobless claims also fell last week to 369,500, from 376,750.

Latest News

Judge OKs more than $90 million in settlement money for GWG investors
Judge OKs more than $90 million in settlement money for GWG investors

Mayer Brown, GWG's law firm, agreed to pay $30 million to resolve conflict of interest claims.

Fintech bytes: Orion and eMoney add new planning, investment tools for RIAs
Fintech bytes: Orion and eMoney add new planning, investment tools for RIAs

Orion adds new model portfolios and SMAs under expanded JPMorgan tie-up, while eMoney boosts its planning software capabilities.

Retirement uncertainty cuts across generations: Transamerica
Retirement uncertainty cuts across generations: Transamerica

National survey of workers exposes widespread retirement planning challenges for Gen Z, Millennials, Gen X, and Boomers.

Does a merger or acquisition make sense for your firm? Why now is the perfect time to secure your firm’s future
Does a merger or acquisition make sense for your firm? Why now is the perfect time to secure your firm’s future

While the choice for advisors to "die at their desks" might been wise once upon a time, higher acquisition multiples and innovations in deal structures have created more immediate M&A opportunities.

Raymond James continues recruitment run with UBS, Morgan Stanley teams
Raymond James continues recruitment run with UBS, Morgan Stanley teams

A father-son pair has joined the firm's independent arm in Utah, while a quartet of planning advisors strengthen its employee channel in Louisiana.

SPONSORED RILAs bring stability, growth during volatile markets

Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.

SPONSORED Beyond the dashboard: Making wealth tech human

How intelliflo aims to solve advisors' top tech headaches—without sacrificing the personal touch clients crave