New home sales lowest in a decade

Wed, Aug 24, 2011


While new home sales in the West were up 50 percent this July over new home sales in July of 2010, total sales for the year may still be the lowest recorded in a decade.

There were 6,000 new home sales this July in the western region, which includes Colorado. That’s a significant improvement over July, 2010 when there were only 4,000 new home sales. But, according to a U.S. Census Bureau report released today, the total new home sales for the first seven months of the year is only 44,000 compared to 46,000 last year.

It’s the smallest recorded total of new home sales in the west in the last 10 years.

Nationally, new home sales for 2011 are on track to be the lowest recorded in more than half a century, according to the census report.

New home sales peaked during the spring and summer of 2005 and trended downward until leveling off in 2010, according to analysis from the Colorado Division of Housing. The number of new houses sold in the United States is down 78 percent since the peak of March 2005, and new home sales in the West have fallen 84 percent since sales peaked in the region during March 2004.

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