Tuesday, July 27, 2010

U.S. new-home sales rebound, but builders are forced to slash prices

New-home sales increased 23.6% last month compared with May, topping economists' forecasts, but the sales level, 330,000, was the second-lowest since the government started tracking such data in 1963. Builders were forced to keep cutting prices to get those sales. The average selling price dropped to $242,900, the lowest for June since 2003.
The Christian Science Monitor

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