U.S. New Home Selling Price Fell in January

Washington, D.C.–The U.S. median new home price dropped to $216,000 last month–a 15 percent decline from January 2006, according to the Commerce Department.Residential construction companies are cutting prices on unsold homes as the buyer market dries up–but that hasn’t sparked home sales, The New York Times said. In January, new home sales fell for the third month in a row, slowing to an annual rate of 588,000–their lowest point in nearly 13 years and a 2.8 percent drop from December.New home sales shrank by 10.3 percent in the Northeast, 7.6 percent in the Midwest and 2.4 percent in the South. In the West, sales increased 2.2 percent.