My owner saw a news blurb this morning about new home sales that "recorded an unexpected increase in September as median home prices dropped to the lowest level in four years, the Commerce Department reported Monday.
Sales of new single-family homes rose by 2.7 percent last month to a seasonally adjusted annual rate of 464,000 homes, Commerce said. Economists had expected sales would drop from the August level.
The median price of a new home sold in September declined by 9.1 percent from a year ago to $218,400, the lowest price level since September 2004, a period when home prices were rising rapidly as the country experienced a five-year housing boom."
By Martin Crutsinger, AP Economics Writer
New home sales???
What about existing home sales??
Ahh, later the author notes:
"The inventory of unsold existing homes is also remaining near historic highs as that market is being increased by a record wave of home foreclosures."
..HF.
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