By The Associated Press
Published: Mon, October 27, 2008 - 10:00 am
Last Updated: Mon, October 27, 2008 - 10:13 am
WASHINGTON (AP) - Sales of new homes recorded an unexpectedShort URL: http://wkrg.com/a/20338/
increase in September as median home prices dropped to the lowest
level in four years.
The Commerce Department reported Monday that sales of new
single-family homes rose by 2.7 percent last month to a seasonally
adjusted annual rate of 464,000 homes. Economists had expected
sales would drop from the August level.
The median price of a new home sold in September declined by 9.1
percent from a year ago to $218,400, the lowest price level since
September 2004, a period when home prices were rising rapidly as
the country experienced a five-year housing boom.
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