Slowdown Evident in Commerce Reports
March 10, 2008,
Airing more indications of a general economic slowdown, the U.S. Department of Commerce reported a drop in new home sales during January and a slump in new orders to manufacturers.
The fall in demand pushed the median sales price of new houses sold to $216,000; the average sales price was $276,600.
One year ago, the median sales price was $239,800 and the average was $313,000.
Meanwhile, Commerce said new orders for manufactured durable goods in January decreased $12.0 billion, or 5.3%, to $212.8 billion. This increased again the level of durable goods inventories: in January, inventories rose by $2.0 billion, or 0.6%, to $322.3 billion.
This inventory level is the highest since this statistical series was first stated in 1992.
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