New home prices took their biggest hit in more than 35 years in September, according to a government report Thursday that was a further sign of builders struggling to move homes under a glut of unsold homes.
[T]he median price of a new home tumbled 9.7 percent from a year earlier to $217,100. It was the sharpest drop since December 1970, when prices posted an 11.2 percent decline, and was the fourth largest year-over-year decline on record.
The September price slump also marked a 9.3 percent decline from August and a 15.5 percent drop from the record high price of $257,700 posted in April of this year.
And new home sales are also an important driver of construction employment, which has become an increasingly key part of the nation’s jobs base.
Karl E. Rove: Super Genius.