Aug. Home Gains Seen As Temporary

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Sales of new homes, after falling for three months, rose in August. But the gain was expected to be temporary as the battered housing industry struggles with a near-record level of unsold homes, the Associated Press reports.

The Commerce Department reported Wednesday that home sales increased by 4.1 percent last month, the best showing since an 8 percent increase last March.

But even with the increase, the median price of a new home fell to $237,000, a drop of 1.3 percent from August 2005. It was the first year-over-year price decline since late 2003.


Read the full Associated Press story

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