The Commerce Department reported that sales of new homes in the U.S. declined 8.3 percent in August compared to July, the Boston Herald reported September 27, 2007.
The decline in new-home sales reached a seven-year low.
"The median sales price in August fell by 7.5 percent from a year earlier to $225,700. That was the biggest drop in percentage terms in nearly 37 years. The median price is the middle point at which half sell for more and half for less. The average sales price dropped by 8 percent in August from a year earlier to $292,000. That was the biggest decline in 17 years."