New U.S. home sales dip in August; prices soar - MarketWatch
Sales of new single-family homes in the U.S. fell slightly in August to a
373,000 annual pace from July's slightly revised level of 374,000, the
Commerce Department said Wednesday. The sales pace in July, originally
reported as 372,000, was the highest since April 2010. Economists
surveyed by MarketWatch expected new home sales last month to total
about 380,000 on an annualized basis. The median sales prices,
meanwhile, soared 11.2% in August to $256,900, the single biggest
monthly increase ever recorded. The supply of new homes on market
remained steady at 4.5 months. Sales rose in all regions except the
South, where the housing market has generally been strongest.
Rising prices on falling volumes... how does that movie end again?
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