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WEDNESDAY, NOVEMBER 25, 2009
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 ECONOMY 
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New-Home Sales Hit Lowest Level Since '91

8.5% drop much worse than expected; supply hits 27-year high

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(Newser) – New-home sales fell yet again in March, the Wall Street Journal reports, with single-family sales off 8.5% to an annual rate of 526,000, the lowest level since 1991. Analysts had expected a drop of only 1.9%. The median price, meanwhile, plummeted 13.3%, to $227,600. With an 11-month supply of homes available—the most since 1981—prices will likely continue to fall.

New homes are shown for sale by KB Home builders in the Sylmar section of Los Angeles Friday, March 28, 2008.
New homes are shown for sale by KB Home builders in the Sylmar section of Los Angeles Friday, March 28, 2008.   (AP Photo/Nick Ut)
A realty sign advertising a reduced price is seen in front of an existing home for sale in Gilford, N.H., Monday, April 21, 2008.
A realty sign advertising a reduced price is seen in front of an existing home for sale in Gilford, N.H., Monday, April 21, 2008.   (AP Photo/Jim Cole)
A row of realty signs advertise homes for sale in Sausalito, Calif., Monday, April 21, 2008.
A row of realty signs advertise homes for sale in Sausalito, Calif., Monday, April 21, 2008.   (AP Photo/Eric Risberg)
A sale sign stands sentry outside an unsold new, single-family home in east Denver on Sunday, March 16, 2008.
A sale sign stands sentry outside an unsold new, single-family home in east Denver on Sunday, March 16, 2008.   (AP Photo/David Zalubowski)
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