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.