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Daily Real Estate News  |  July 28, 2008  |   New-Home Sales, Prices Down in June
Sales of new single-family homes fell by 0.6 percent from May to June, the Commerce Department reported Friday.

Sales are 33 percent below a year ago and prices are down 2 percent.

"I'm surprised only that it's declined more in June over May," said Tim Eller, chief executive Centex Corp. in Dallas. "The markets are continuing to deteriorate and I think that's an illustration of that fact."

New home prices have fallen below those of existing homes in many areas this year, said Robert Curran, an analyst with Fitch Ratings.

Historically, new homes cost about 5 percent more than preowned homes, but aggressive discounting and incentives by builders during the housing downturn has closed that gap in many markets, making it tough on builders.

Source: The Associated Press, Tom Hays (07/25/2008)

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