August 25, 2010
New home sales dropped 12.4% in July. This is the lowest drop in sales on record since 1963.
A U.S. Commerce Department report released these findings this week.
Keith Springer is the President of Springer Financial Advisors in Sacramento.
Springer said that’s it’s no surprise home sales are down because people who tend to buy their first homes tend to do so in their 30’s. He said those 30-somethings aren’t buying right now.
Springer said the next time we could expect to see a housing boom won’t be until the next generation starts to buy homes in the next three to six years.
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