US new home prices at 2004 level
Posted by admin on 27 October, 2008 under Business news | 
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New homes in the US changed hands at their lowest price in four years during September, official figures showed.
The median price of a new single-family home was $218,400 (£141,870) according to the US Commerce department.
Sales were up 2.7% on the previous month, beating economists’ predictions, although total sales for the month were 33% below last year’s figures.
The boost follows news of the biggest monthly gain in five years for existing US homes sales in September.
Foreclosures
The median price of a new home in September was 9% less than it would have cost last year – and at its lowest level since September 2004 – when house prices were rising rapidly during a five-year housing boom.
The unexpected rise in new home sales followed a 12.6% drop in month-on-month sales in August, after a 3.6% rise in July.
September’s sales were actually down 21.4% in the north-east of the US, and 5.8% in the Midwest.
But the overall rise was fuelled by a 22.7% rise in sales in the west and a 0.7% rise in the south.
Meanwhile, the number of unsold new homes, which stood at 394,000 at the end of September, remains near historic highs, bolstered by a large number of US home foreclosures adding more properties to the market.
Almir said,
If youlook at certain States (Michigan and Florida come to mind) the prices have dropped much further. There are opportunites to acquire income prorerties in these states!
led lighting bulbs manufacturer said,
USA situation can be representive of the worldwide city house level . But it is in USA , so everything has been amplified.
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