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New U.S. home sales fall 2.3% in August to 295,000

New U.S. home sales fall 2.3% in August to 295,000 (by Jeffry Bartash)

WASHINGTON (MarketWatch) - The sale of new U.S. homes fell 2.3% in August to an annual rate of 295,000, marking the fourth decline in a row, the Commerce Department reported Monday. Sales last month dropped to the lowest level since February. In July, meanwhile, sales were revised up to 302,000 from 298,000 on a seasonally adjusted basis. After peaking in 2011 at 316,000 in April, new-home sales have gradually declined. Also, the average selling price sank 8.7% from July to $246,000, the lowest level since early 2009. At current sales rates, unsold new homes on the market represented a 6.6 month supply. And the actual number of new homes available decreased to 162,00 to set yet another record low.