US home sales slump to lowest level since 1960s

© AFP/Getty Images/File Scott Olson

AFP

WASHINGTON (AFP) - Sales of new houses in the United States have slumped to the lowest level since the 1960's, official data showed Wednesday, offering more evidence of the ongoing crisis in the housing market.

Sales tumbled nearly 17 percent in February to 250,000 units, the Commerce Department said, marking the lowest total since at least 1963, when records were first kept.

At that rate it would take almost nine months for the all the homes on the US market to be sold.

The biggest slowdown in turnover was seen in the country's populous northeast, with sales down 57 percent from January.

The broader data however contained what could be a slight reprieve for struggling homeowners.

The fall was subject to a statistical error of plus or minus 19.1 percent.

© AFP -- Published at Activist Post with license

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Number of Adult Children Living with Parents Spikes as Homeownership Plummets

Calculated Risk

This interesting graph is from economist Tom Lawler comparing the percent of 24-34 year olds living at home vs. the under 35 year old homeownership rate ...

There is a clear inverse relationship, and this suggests some pent up demand for housing units when the employment picture improves (although the demand could be for rental units).

Read More Here

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