U.S. New Home Sales Drop Futher

At 7-year low

Dropping 8.3% in August, new home sales in the U.S. hit their lowest level in seven years, Commerce Department data showed Sept. 27. It is yet another sign of the troubles in the real estate market.

The report showed new-home sales at a seasonally adjusted annual pace of 795,000, worse than market expectations of a decline to a rate of 825,000.

The pace of new home sales is down 21.2% from a year ago.

Also, the median sales price fell to $225,700.

Copyright Agence France-Presse, 2007

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