New Home Sales Decline in August

Washington, DC, Sept. 26, 2011 -- Sales of new homes in the U.S. fell 2.3% in August to an annual rate of 295,000, the fourth decline in a row, the Commerce Department reported Monday.

Sales in August 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.

New home sales have gradually declined since peaking at 316,000 in April.

The average selling price fell 8.7% from July to $246,000, the lowest level since early 2009.