The rate of new-home sales hit a seven-year low in August and reached the lowest level for that month since August 1995, according to a U.S. Census Bureau and Department of Housing and Urban Development report released today. The seasonally adjusted annual rate of new-home sales fell to 795,000 in August, down 21.2 percent compared to August 2006. That rate is a projection of a monthly sales total over a 12-month period, adjusted to account for seasonal fluctuations in sales activity. Also, the median new-home price fell 7.5 percent, to $225,700, and the average new-home sales price dropped 8 percent, to $292,000, in August compared to the same month last year. The seasonally adjusted estimate of new houses for sale at the end of August was 529,000, which represents a supply of 8.2 months at the August sales rate. The supply increased about 20.6 percent compared to August 2006. A supply greater than six months generally indicates a buyer's market. In March, the supply reached 8.3 month...
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