The Real Deal Miami

Home sale prices hit four-year low

October 28, 2008 11:00AM

The median U.S. home price in September dropped 9.1 percent from a year
ago, to a low of $218,400, a level not seen since 2004. That spurred a
nationwide jump in sales of new single-family homes, which rose 2.7
percent for the month, confounding forecasts. The rise in sales left a
total of 394,000 unsold new homes on the market at the end of
September, down a record 25.4 percent from the number of unsold homes
on the market at the end of September 2007.