Sales of U.S. new homes rose 2.7% from July to September on a median sales price not seen since September 2004, but fell 33% from September 2007 on overall lower demand.
“Builders are seeing the light,” Mark Zandi, chief economist at Moody’s Economy.com in West Chester, Pennsylvania, said in a Bloomberg Television interview. “They are cutting prices more aggressively. They’re very nervous about all the foreclosures.”
Or in the case of San Francisco, the slowing of new home absorption (which shouldn’t catch any plugged-in readers by surprise).
∙ U.S. New-Home Sales Unexpectedly Rise as Prices Drop [Bloomberg]
∙ Price Cuts Of Up To 30% At Symphony Towers (750 Van Ness) [SocketSite]