New Home Sales Drop for a Fourth Month
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home sales, Real Estate News March 27th, 2008New Home Sales Fall for Fourth Straight Month; at 13-Year Low in February
WASHINGTON (AP) — Sales of new homes fell in February for the fourth straight month, pushing activity down to a 13-year low. While the rate of decline has slowed, the worst slump in more than two decades has not run its course, analysts said.
The 1.8 percent drop sent the annual sales rate down to 590,000 units in February, the Commerce Department reported Wednesday. That was the slowest pace since February 1995 and down 57.5 percent from the sales peak of 1.389 million units in July 2005.
The median price of a home sold last month dropped to $244,100, 2.7 percent less than the level of a year ago. The median sales price is the point where half the homes sold for more and half for less.
A closely watched gauge of existing home prices, the S&P/Case-Shiller Index, reported Tuesday that 16 of 20 major cities had record annual price declines in January compared with a year ago.
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