New home sales fall 0.6% nationwide - Denver Business Journal:

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percent across the country in May, as buyers shied away from newlu constructed homes at a time when so many existinbg homes are on the The Commerce Department reportes Wednesday that May new home sales declined to a seasonalluy adjusted annual rateof 342,000, a 32.8 percenr drop from May 2008. The drop followed a 2.6 percen increase in sales in Apri l to a seasonally adjusted annuaol rateof 344,000 homes, which was only the second salexs gain in the past nine months.
New home pricew continued to decline with the median new home price down to 3 percent lower than in The declining price of new homes is the one market conditionj shared by existing homes whose average pricees declined almost 17 percentin May. Sales of existinh homes, though, have been stabilizing, climbing 2.4 percengt in May for the sixth advance in the past ten The existing home market has becomwe a focus ofmany bargain-huntingt buyers with the increase in steeply reduced forecloseed homes for sale.