BrokerageIndustry News

New-home sales hold at record low

Both median, average price fall compared to August '09

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The rate of new-home sales in August held at the record-low rate set in July, the U.S. Department of Housing and Urban Development and Census Bureau announced today. The seasonally adjusted annual rate of new-home sales was estimated at 288,000 in August, down an estimated 28.9 percent from August 2009 and level with a historic low dating back over 40 years. The median sales price of new homes sold in August dropped 1.2 percent compared to August 2009, to $204,700, while the average price fell 3.5 percent, to $248,800, the agencies reported. The median and average price of new homes has fallen for the past three months. Regionally, the rate of new-home sales plunged an estimated 38.2 percent in the Midwest, 33.6 percent in the West, 28.2 percent in the South and 5.4 percent in the Northeast year-over-year in August. The months' supply of new homes for sale grew an estimated 10.3 percent year-over-year in August, to 8.6 months. A supply of six months is considered a rough ...