Sales of new single-family houses in May 2010 were at a seasonally adjusted annual rate of 300,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development.
This is 32.7 percent (±9.9%) below the revised April rate of 446,000 (initially reported at 504,000) and is 18.3 percent(±13.0%) below the May 2009 estimate of 367,000.
The median sales price of new houses sold in May 2010 was $200,900; the average sales price was $263,400. The seasonally adjusted estimate of new houses for sale at the end of May was 213,000. This represents a supply of 8.5 months at the current sales rate.
Grandpa:
The 300,000 annualized sales pace is the slowest on records dating back to 1963. And it's the largest monthly drop on record. Sales are currently 78 percent from their peak in July 2005.
Each new home built creates, on average, the equivalent of three jobs for a year and generates about $90,000 in taxes paid to local and federal authorities, according to the National Association of Home Builders. The impact is felt across multiple industries, from makers of faucets and dishwashers to lumber yards.
In the words of Tim "Pinocchio" Geithner:
6/22/10: While the economy remains challenged, Geithner said TARP and other "extraordinary actions" taken to combat the financial meltdown "have helped stabilize the financial system and restore economic growth."6/3/10: “Despite the pain across the country that many businesses and many families are still seeing, the broad numbers show steady, gradual improvement in confidence and in the strength of the private sector,” he said. “You’re seeing that starting to translate into longer hours worked, more jobs being created and therefore stronger income growth for the average American.”
May 15, 2010: ...doesn’t think the European turmoil will hurt U.S. growth because “our economy is getting stronger. We’re seeing a lot of strength, improvement and confidence.”
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