New-home sales hit lowest level since 2000

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.

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