New Home Sales Plunge 33%

With tax credits gone, new home sales plunged 33% in May to a seasonally adjusted annual sales pace of 300,000, dropping to the lowest level on record since 1963. It also was the largest monthly drop on record. Since the peak in July 2005, new home sales have now sunk 78 percent from their high. The median home sales price in May was $200,900, down 9.6 percent from a year earlier.

These statistics show that the housing recovery is struggling, and suggest that the sales were only being supported because of tax breaks.  A 10% unemployment rate and home buyers feeling precarious about their jobs and debt levels have weighed on the market despite the fact that mortgage rates at near-historic lows. In some parts of the country, such as the Gulf, home sales have recently been severely depressed.

The tax credits that propelled the boom expired on April 30, resulting in the sharp May decline. In order to qualify for the credits, home buyers had to sign sales contracts by the deadline and must close on their homes by June 30 to qualify.

The decline in new-home sales translates into fewer construction jobs, which normally powplays a key role in economic recoveries. According to the National Association of Home Builders, each new home built represents the equivalent of three jobs for a year and approximately $90,000 in taxes to local and federal authorities.

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