The Real Deal Miami

New home sales rise, prices drop

October 27, 2008 01:06PM

Sales of new houses in the U.S. rose 2.7 percent in September, up from their lowest point in 17 years the previous month. The median sales price decreased to $218,000, the lowest price in four years and a 9.1 percent decrease from the September 2007 price. Sales volume decreased 33 percent from September 2007. At the current sales rate, the U.S. has a 10.4-month supply of new homes. The market is considered stable when there is a five- or six-month supply.