From an article on USA Today, this morning …..
Sales of new homes fell for four straight months before September
WASHINGTON (AP) – Sales of new homes rose in September after four straight monthly declines, largely because builders cut their prices.
The Commerce Department says sales rose 5.7% last month from August, to a seasonally adjusted annual rate of 313,000 homes. Still, that's less than half the 700,000 economists say must be sold to sustain a healthy housing market.
The median sale price of a new home fell 3.1% to $204,400 — lowest since October 2010. The number of new homes on the market was unchanged at 163,000, a record low.
Sales of new homes fell for four straight months before September and hit a six-month low in August.
This year could be the worst year for sales since the government began keeping records a half century ago.
• MORE: Read the report
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