Some Unexpectedly Good Economic News

With a grim financial forecast, and increase in homes sales came as a pleasant surprise this morning.

By: WKRG Staff | WKRG
Published: October 27, 2008

» Comments | Post a Comment

WASHINGTON (AP) - Sales of new homes recorded an unexpected
increase in September as median home prices dropped to the lowest
level in four years.
The Commerce Department reported Monday that sales of new
single-family homes rose by 2.7 percent last month to a seasonally
adjusted annual rate of 464,000 homes. Economists had expected
sales would drop from the August level.
The median price of a new home sold in September declined by 9.1
percent from a year ago to $218,400, the lowest price level since
September 2004, a period when home prices were rising rapidly as
the country experienced a five-year housing boom.