New Home Sales dropped to a record low of 300,000 in May 2010. This is 32.7% below April's sales figures.
The median price for a home was $200,900, the average sales price was $263,400 and the inventory is at 8.5 months. This is a 46.6% inventory increase from last month.
Home builders continued to shed inventories in May, cutting the number of unsold homes by 0.5% to 213,000, the lowest level in 39 years. In the past year, inventories are down 27%, while sales are down 18%.
The $8000 dollar home buyers tax credit expired, but even so, these are terrible numbers.