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New Home Sales Inch up in August
New home sales edged up 0.7% in August, the Commerce Department reported, a signal that the housing market recovery will be gradual. Sales grew to a seasonally adjusted annual rate of 429,000 from a downwardly revised 426,000 in July. While it was the fifth straight increase and the strongest report in 11 months, sales were still 4.3% lower than in August 2008. Sales have risen 30% from the low point in January, but are down about 70% from the peak of four years ago. Homebuilders continued to slash prices to attract buyers last month. The median sales price of a new home was $195,200, down 11.7% from $221,000 a year earlier, and 9.5% below July's level of $215,600. There were 262,000 new homes for sale at the end of August, down more than 3% from July. At the current sales pace, that represents 7.3 months of supply. The decline indicates that builders have scaled back construction to the point where supply and demand are coming into sync. Sales varied dramatically around the country in August. Sales grew more than 12% out West, but sank more than 16% in the Northeast. They were unchanged in the South, and down nearly 6% in the Midwest.
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Date Last Updated: 10/05/2009
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