Sales of new homes rose for the first time in five months during September, but prices continued dropping, according to fresh data released Wednesday by the Commerce Department.
Sales climbed by 5.7% on a monthly basis to a seasonally adjusted annual rate of 313,000.
While sales increased, the median price in September for a new home fell to $204,400,— the lowest since October 2010. This is down 10.4% from a year earlier. Though falling prices make property more affordable, the downward trend tends to discourage would-be buyers, who wait for a better deal, which may pressure the weak US housing market even to go down further.
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