New Home Sales Fall to 6-Month Low

    A home sale sign indicating a new price is seen here in King City, Ore., Tuesday, May, 31, 2011. U.S. single-family homes prices dropped into double-dip territory in March as the housing market remained bogged down by inventory and weak demand according to the S&P/Case Schiller composite index. Latest data shows home prices have reached their lowest prices since the housing bubble burst in 2006.(AP Photo/Don Ryan)

    Don Ryan / AP Photos

    Now’s the time to buy that new house: new home sales fell 2.3 percent to a six-month low, with prices dropping 7.7 percent, the largest decline since August 2009. The drop puts the market on track to see 295,000 new homes sold this year, just a hair above what economists have predicted. Foreclosure-driven price increases on other homes may be keeping buyers away from new houses, and limited access to credit continues to drag down the new-home market.

    Read it at Bloomberg