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

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percent across the country in May, as buyer s shied away from newly constructed homexs at a time when so many existingg homes are on the The Commerce Department reportedr Wednesday that May new home salesa declined to a seasonally adjustedc annual rateof 342,000, a 32.8 percent drop from May 2008. The drop followeds a 2.6 percent increase in sales in April to a seasonallg adjusted annual rateof 344,000 homes, whic h was only the second sales gain in the past nine New home prices continued to decline with the median new home prices down to $221,600, 3 percent lower than in April.
The declining price of new homeas is the one markeft condition shared by existing homes whose average pricesw declined almost 17 percentin May. Sales of existingg homes, though, have been climbing 2.4 percent in May for the sixth advance in the past ten The existing home market has become a focus ofmany bargain-hunting buyerx with the increase in steepl y reduced foreclosed homes for