October new home sales drop 8.1 pct., prices fall
WASHINGTON (AP) - Sales of new homes fell in October to near a
record low while the median home price dropped to the lowest point
in seven years.
The Commerce Department reports that sales of new single-family
homes declined 8.1 percent to a seasonally adjusted annual rate of
283,000 units in October. That was just 2.9 percent above the
all-time low of 275,000 units hit in August for government records
that go back to 1963.
The median price of a home sold in October dipped to $194,900,
the lowest level since October 2003.
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