Monday, October 1, 2007

Sales of Pricier Homes Plummet With Credit Crunch

From the WSJ's Real Time Economics blog:

The market for higher-end homes took an especially strong blow in August as
a result of the credit crunch: Sales of new homes priced above $500,000 dropped
by more than a third in the latest government figures.

report on new-home
show that 68,000 new homes overall were sold during the month, down
from 74,000 in July (and off 22% from a year earlier). Sales of new homes priced
at $500,000 or more plummeted: 6,000 were sold in August, after 9,000 for each
of the previous three months (and 11,000 a year earlier)....