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September 27, 2007

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.)

Posted by Jamie Smith Hopkins at 12:04 PM | | Comments (0)
Categories: Number-crunching

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About Jamie Smith Hopkins
Jamie Smith Hopkins, a Baltimore Sun reporter since 1999, writes about the regional economy. Her reporting on the housing market has won national and local awards. Hopkins is a Columbia native and has lived in Maryland all her life, save for 10 months spent covering schools in Ames, Iowa.
She trained to become a wonk by spending large chunks of time as a geek and an insufferable know-it-all.
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