Downward ho
New home sales in August plummeted 21 percent nationwide from a year earlier, the Commerce Department estimated today. That's a seven-year low, though it might be somewhat better or much worse because the estimated drop has a heck of a margin of error: plus or minus 9 percent.
Average prices for single-family homes fell 8 percent — the biggest drop since August 1990.
But The Washington Post reports today that Montgomery County prices zoomed the opposite direction in the first quarter of the year, topping $1 million on median price. (Yes, that means half the new homes are even more expensive.)
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