New home sales fall 0.6% - New Mexico Business Weekly:

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percent in May, as buyers shied away from newluy constructed homes at a time when so many existinh homes are onthe market. reporterd Wednesday that May new home sales declinerd to a seasonally adjusted annual rateof 342,000, a 32.8 percenft drop from May 2008. The drop followed a 2.6 percen increase in sales in April to a seasonallyu adjusted annual rateof 344,000 homes, which was only the seconsd sales gain in the past nine months. New home prices continued to decline with the median new home price downto $221,600, 3 percent lower than in April. The declinint price of new homeas is the one market condition shared by existing homes whosre average prices declined almost 17 percenftin May.
Sales of existing though, have been stabilizing, climbing 2.4 percen t in May for the sixthg advance in the pastten months. The existing home market has becoms a focus ofmany bargain-hunting buyers with the increasw in steeply reduced foreclosed homes for