New U.S. single-family home sales in March recorded their biggest drop in more than 1-1/2 years, signaling another weakness sign for the housing market.
The Commerce Department said on Thursday sales declined 11.4 percent to a seasonally adjusted annual rate of 481,000 units. That was the biggest percent drop since July 2013.
New homes sales tumbled 33.3 percent in the Northeast and sales in the South dropped 15.8 percent, the biggest decline since July 2013.
In this kind of environment, it is still very hard to sell your house quickly, especially in the Bronx and most of Brooklyn where bank-owned properties(foreclosures) still are coming in to the market.
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