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Census Bureau: August single-family sales fall 28.9% from year earlier

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Sales of new single-family homes in August fell 28.9% from a year earlier, according to the Census Bureau and Department of Housing and Urban Development. The Census Bureau said the seasonally adjusted rate of homes sales in August was 288,000, flat with July's revised rate and well below the 405,000 a year ago. These federal figures are based on pending contracts of home sales. "The fact that U.S. new home sales remained unchanged at a record low of 288,000 in August shows just how little demand for housing there is at the moment," said Paul Dales, chief economist for Capital Economics. "At some point new sales will start to climb back to a more normal level of 900,000, but that will be a very, very, long process." The Census Bureau said the median sale price in July was $204,700 and the average was $248,800. The bureau also said the seasonally adjusted estimate of homes for sale at the end of August was 206,000, representing a 8.6-months supply of new homes. Write to Jason Philyaw.

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