Median sales price down 7.5% in past year, biggest drop in 37 years
Sales of new homes dropped 8.3% in August to a seasonally adjusted annual rate of 795,000, the slowest sales pace since June 2000, the Commerce Department estimated Thursday.
Sales are now down 21.2% in the past year, with no sign of a bottom in the crippled housing market.
… The median sales price fell 7.5% to $225,700 compared with a year earlier, the largest year-over-year decline in 37 years.
The worst is yet to come. Maybe a year from now is the time to start thinking about loking for a bottom.