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New Home Sales Were Flat In August, But Prices Rose Sharply

Model homes at a new development in Millbrae, Calif., earlier this year.
Model homes at a new development in Millbrae, Calif., earlier this year.

While the number of new homes sold in August was barely changed from July, the median sales price was up sharply, the Census Bureau and Department of Housing and Urban Development report. So the news adds to other recent signs, including Tuesday's report about higher home prices in major cities, of a recovering housing sector.

According to the report, new homes sold at an annual rate of 373,000 last month — vs. 374,000 in July. The median sales price, though, was $256,900. That was up 11.2 percent from the month before.

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