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US New-Home Sales Rebound in September

Posted Oct 25, 07 12:25 PM CDT in US,  Business 

(Newser) – In the face of dismal August numbers, sales of new homes in September increased 4.8%, driven by demand in the western US, the Wall Street Journal reports. Despite the unexpected bump, the updated August figures, which reflect an 11-year low, are fueling worries the economy will remain pinned under the weight of the sagging housing market.

Related industries are suffering as buyers cut back on purchases of furniture and appliances. Experts say there’s more to come. “Sales have further to fall,” predicts one economist. There were 523,000 homes for sale last month, down 1.5%, and the lowest number since January 2006. Still, the median price was $238,000, a 5% increase from a year ago.

Sources Wall Street Journal, Bloomberg

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Brian Ramsey delivers wood trim to a new home under construction, Wednesday, Oct. 24, 2007, in Pepper Pike, Ohio. Sales of new homes posted an unexpected gain in September although the improvement came...   (Associated Press)
A worker walks along scaffolding outside a new home construction in Palo Alto, Calif., Tuesday, Oct. 23, 2007. Sales of new homes posted an unexpected gain in September although the improvement came...   (Associated Press)
A real estate sign stands outside a home in North Las Vegas, Nev., Tuesday, Oct. 23, 2007. Sales of new homes posted an unexpected gain in September although the improvement came after sales had fallen...   (Associated Press)
A new home under construction sits next to a recently built home, Wednesday, Oct. 24, 2007, near Lebanon, Ohio. Sales of new homes posted an unexpected gain in September although the improvement came...   (Associated Press)
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