On Pace for Record Low New Home Sales in 2011

On Pace for Record Low New Home Sales in 2011

by CalculatedRisk on 9/26/2011

Alejandro Lazo at the LA Times wrote today: New home sales stuck at the bottom in August

“This year is shaping up to be the worst year on record for new home sales,” [Patrick Newport, U.S. economist with IHS Global Insight] wrote in a note.

The Census Bureau started tracking New Home sales in 1963, and the record low was 412,000 in 1982 – until that record was broken in 2009 – and then again in 2010 – and it looks another new record in 2011.

Here is a table of the last ten years – remember that sales in 2009 and 2010 were boosted by the taxcredit.

New Home Sales
Year Total Total through August
2000 877 608
2001 908 644
2002 973 670
2003 1,086 759
2004 1,203 841
2005 1,283 906
2006 1,051 756
2007 776 577
2008 485 365
2009 375 261
2010 323 231
2011 3031 211
1Current 2011 Pace

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