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COPYRIGHT 2005 Knight-Ridder/Tribune Business News
By Patrice Hill, The Washington Times Knight Ridder/Tribune Business News
Mar. 1--An unexpected 9.2 percent drop in new home sales in January and a 13 percent drop in the median home price provided the latest signs that the red-hot housing market may finally be cooling, economists said.
The fall-off in sales was among homes costing more than $200,000, with the biggest losses in the Northeast, Midwest and South. Sales of more affordable homes under $200,000 grew -- resulting in a median price drop of $30,000, to just under $200,000, the Commerce Department reported yesterday.
"Housing fundamentals are as good as they get," said Richard Berner, chief U.S. economist at Morgan Stanley. He predicts both sales and home price growth will decline this year and next.
The...
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