News & Information: Real Estate News

New-home sales on the rise

Monday, August 1, 2011  
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New single-family home sales unexpectedly fell in June, but a sharp rise in prices and declining supply suggests the market for new houses was starting to stabilize.

A U.S. Commerce Department report indicates that despite lean inventories, recovery in the market for new homes is being frustrated by a glut of previously owned homes, which are currently selling well below the cost of new construction.

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