Friday, December 23, 2005

New Home Sales

Sales of new homes plunged in November by the largest amount in nearly 12 years! It's another evidence that the red hot housing market over the last five years is starting to cool down. New single-family homes were sold at a seasonally adjusted annual rate of 1.245 million units last month, a drop of 11.3 percent from October, when sales had surged to an all-time high.

If you are looking for a house, wait for some more time. I think that the prices are going to go down. It may not go down dramatically. You won't get a 750k house inCA for 450k. However I think that 750k house may go down to 600+. Even then I won't pay 600k for a 3BR house in Fremont. It's really annoying to see the price tag of these houses.

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