New-Home Sales in U.S. increased 0.7% to 429,000 in August…builders cutting prices at record pace to compete with foreclosures…worst housing slump since Great Depression drawing to close…
Sales of new U.S. homes climbed in August to the highest level in almost a year as builders cut prices at a record pace to compete with the foreclosures that are flooding the market for previously owned houses.
Sales increased 0.7 percent to a 429,000 annual pace, less than anticipated, figures from the Commerce Department showed today in Washington. The median price of a new house fell 9.5 percent from the prior month, the biggest decrease since records began in 1963.
Read the full article by Bob Willis “New-Home Sales in U.S. Increased 0.7% to 429,000 Rate in August” at Bloomberg.com (Sept 25, 2009).