Arab-Islamic leaders seek freezing Israel's UN participation and UN probe into genocidal crimes in Gaza Summit warns against escalation sweeping the region    Culture minister inspects archaeological sites and cultural projects in Al-Ahsa    Mikati calls for united Arab-Islamic stance against Israeli aggression    Al Burhan calls for end to Israeli occupation and two-state solution for lasting peace    NEOM to begin neighborhood design for THE LINE in early 2025    Mohammed Al-Habib Real Estate Co. unveils "Enar" project at Cityscape Riyadh 2024    Saudi Arabia launches Young Researchers Awards at UNCCD COP16 science pavilion Total prize pool of $70,000 for students and researchers from across the world    Red Sea International Film Festival returns to Al Balad in its fourth edition    Israel's Netanyahu acknowledges pager attack in Lebanon    Al-Jadaan: Saudi Arabia will enhance use of technology to achieve spending efficiency    Valencia government rules out resignations as anger grows over Spain flood response    Moscow targeted as Ukraine and Russia barrage each other with drone attacks    India's luxury airline Vistara flies into the sunset    Rita Ora is tearful in tribute to Liam Payne at MTV Awards    'Art of the Kingdom': First traveling exhibition of contemporary Saudi art launched in Rio de Janeiro    France to deploy 4,000 police officers for UEFA Nations League match against Israel    Al Nassr edges past Al Riyadh with Mane's goal to move up to third    Al Ahli continues strong form with 2-0 win over Al Raed in Saudi Pro League    Saudi Pro League: Al Qadsiah extend positive run with 2-0 win over Al Fayha    Three charged in connection with Liam Payne's death    India puts blockbuster Pakistani film on hold    The Vikings and the Islamic world    Filipino pilgrim's incredible evolution from an enemy of Islam to its staunch advocate    Muted Eid celebrations for millions of Nigerian Muslims    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



US New Home Sales Drop to Slowest Pace in Seven Months
Published in Saudi Press Agency on 23 - 04 - 2014

The number of Americans buying new homes dropped in March to the slowest pace in seven months, the government said Wednesday, in a sign that real estate's spring buying season is off to a weak start.
The Commerce Department said that sales of new homes declined 14.5 percent last month to a seasonally adjusted annual rate of 384,000, marking the second straight monthly decline and the lowest rate since July 2013.
Sales plunged in the Midwest, South, and West in March, but rebounded in the Northeast, where snowstorms in previous months curtailed purchases.
New home sales have fallen 13.3 percent over the past 12 months.
"Our core view is that the housing market has stalled and won't contribute" to overall economic growth this year, the Associated Press quoted Ian Shepherdson, chief economist at Pantheon Macroeconomics, as saying.
Rising home prices have caused some buyers to back off at the lower end of the market, while new-home buyers at the top continue to buy. Because of this, median sales prices rose 12.6 percent during the past month to $290,000.


Clic here to read the story from its source.