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NEW SOUTH WALES NEW HOUSE SALES SLUMP OVER 9% IN MAY.
SYDNEY, July 1 Asia Pulse - The sale of new homes across NSW slumped more than nine per cent during May, new figures show as the Reserve Bank meets today to consider a further rate rise.
The Housing Industry Association (HIA) says the sale of new homes in the state dropped 9.4 per cent during the month of May, to continue softening which had emerged since January.
"New home sales results for 2008 to date confirm a renewed cyclical weakness ... for NSW," HIA executive director Graham Wolfe said in a statement today.
"A finding that should surprise nobody given the aggressive tightening in monetary conditions seen over the last 12 months."
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Source: HighBeam Research, NEW SOUTH WALES NEW HOUSE SALES SLUMP OVER 9% IN MAY.