On same day?: New home sales reach 47 year low & 8 month highSubmitted by SteveMT on Wed, 01/26/2011 - 12:27
What are we to believe? These stories are both from the Commerce Department. They are doublespeak. Which one has been redacted?
New-home sales in 2010 fall to lowest in 47 years
Buyers purchased fewest number of new homes last year in nearly half a century
On Wednesday January 26, 2011, 11:01 am
WASHINGTON (AP) -- Buyers purchased the fewest number of new homes last year on records going back 47 years.
Sales for all of 2010 totaled 321,000, a drop of 14.4 percent from the 375,000 homes sold in 2009, the Commerce Department said Wednesday. It was the fifth consecutive year that sales have declined after hitting record highs for the five previous years when the housing market was booming.
The year ended on a stronger note. Buyers purchased new homes at a seasonally adjusted annual rate of 329,000 units in December, a 17.5 percent increase from the November pace.
Still, economists say it could be years before sales rise to a healthy rate of 600,000 units a year.
New homes sales hit eight-month high
On Wednesday January 26, 2011, 10:39 am
WASHINGTON (Reuters) - New single-family home sales raced to their highest level in eight months in December while prices were the highest since April 2008, raising cautious optimism for a housing market recovery.
The Commerce Department said on Wednesday sales jumped 17.5 percent to a seasonally adjusted 329,000 unit annual rate after a downwardly revised 280,000-unit pace in November.
Economists, who had expected new home sales rise to a 300,000-unit pace last month, took the fairly upbeat report as a tentative sign of a turnaround in the troubled housing market. November sales were previously reported at a 290,000 unit rate.