New Home Sales Hit Record Low, Again!

If you were trying to sell a house in February and got no offers, well, you weren't alone. In February, sales of new homes hit their lowest point ever, or at least since the Commerce Dept. started keeping count in 1963.

New homes sold at a seasonally adjusted annual rate of 308,000 a year in February, according to the Commerce Dept. That's down from 315,000 in January. It's also lower 354,000 in February 2009, twelve months before. If you remember, February of last year seemed like a terrible time for new home sales.

Back at the peak of the building boom, in October 2005, new homes sold at an annual rate of 1.4 million. That's more than four times the current rate.