New Home Sales Drop
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, new home sales February 28th, 2008New Home Sales Fall for Third Straight Month, Pushing to Slowest Pace in Nearly 13 Years
WASHINGTON (AP) — In more bad news for the beleaguered housing industry, sales of new homes fell in January for a third straight month, pushing activity down to the slowest pace in nearly 13 years. The median price of a new home dropped to the lowest level in more than three years.
The Commerce Department reported Wednesday that new home sales fell by 2.8 percent last month to a seasonally adjusted annual rate of 588,000 units, the slowest pace since February 1995.
The median price of a new home dropped to $216,000 in January, down 4.3 percent from the December median sales price, the point where half the homes sold for more and half for less.
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