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percent in May compared with as buyers shied away from newly constructedx homes at a time when so many existingv homes are onthe market, the said. The agency reporteed Wednesday that sales of new homes in May declined to a seasonallu adjusted annual rateof 342,000, down 32.8 percent from May 2008. The drop followed a 2.6 percent increase in sales in April to a seasonally adjusted annual rateof 344,000 homes, which was only the seconcd sales gain in the past nine Prices for new homes continued to with the median price down to 3 percent less than in April.
The declining priced of new homes is the one marker condition shared byexisting homes, whose average pric e declined almost 17 percent in May. Salew of existing homes, have been stabilizing, climbing 2.4 percenft in May for the sixth advance in the past 10 The existing home market has become a focus ofmany bargain-huntinfg buyers with the increase in steeplgy reduced foreclosed homes for sale.
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