Home sales Reach Lowest Level in 16 Years, Prices Drop by Largest Amount in Almost 40 Years

Washington, D.C.–As the start of the spring sales season kicked off, new home sales hit their lowest level in more than 16 years, the Commerce Department said Thursday.The median year-to-year new home price dropped by the biggest amount in nearly four decades, according to the New York Times. In March, sales of new homes fell by 8.5 percent to a seasonally adjusted annual rate of 526,000 units–the slowest sales pace since 1991.Median home price declined by 13.3 percent from a year ago–the largest annual price drop since July 1970, when prices fell 14.6 percent.