The 9% drop in new home sales brings the market to the lowest pace in 12 years. The Commerce Department reported Friday that new-home sales fell to a seasonally adjusted annual rate of 647,000 the worst showing since April of 1995 (621,000). This pace was much weaker than economists had expected. Their prediction had been a sales drop of around 1.8%, or a pace off 715,000.

The median sales price of a new home dipped to $239,100, or .4% lower then a year ago. The drop was nationwide, with the sole exception being in the west.

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