USA property sales dropped to the lowest level since the 1960's, according to the latest figures released by the Commerce Department, indicating that it very much remains a buyer's market.
USA home sales fell by almost 17 per cent in February to a seasonally adjusted total of 250,000 sales during the month, marking the lowest number of USA properties sold since 1963, when records began.
At the current rate it would take almost nine months for the all the new homes on the US market to be sold - if no more residential properties are built. The biggest slowdown in turnover was seen in the country's populous northeast, with sales down 57 per cent from January.
Steven Ricchiuto, an economist with Mizuho, said: "The figures compounded a week of bad news for homeowners and the massive US real estate industry.”
Although this latest report is bad for existing homeowners in the USA, it does illustrate the opportunities available for prospective purchasers, as far as opportunities for negotiations are concerned.
"The report and the existing home sales data released yesterday confirm that the housing market is still in free fall," Ricchiuto added.
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