Sales of new homes rose in Sept.; median sales price fell to lowest level in nearly a year

Sales of new homes rose in September after four straight monthly declines, largely because builders cut their prices in the face of depressed demand.

Analysts say the modest increase on the back of reduced prices suggests the struggling housing market is years away from a turnaround.

The Commerce Department said Wednesday that sales increased 5.7 percent last month to a seasonally adjusted annual rate of 313,000 homes.

Still, sales rose after hitting a six-month low in August. And the annual pace remains less than half the 700,000 that economists say must be sold to sustain a healthy housing market.

Read Full Article from Washington Post

- Posted: 2011-10-26 11:45:47

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