New-Home Sales Rise as Builders Cut Prices

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New homes are selling again, and buyers are happy. But builders apparently are paying the price: The Commerce Department recently reported that the average new home price dropped to $242,900 in June. That's the lowest it's been since 2003, and the worst year-over-year drop since April 2009. Still, some analysts think the rise in new-home sales indicates that the housing market is emerging from the dip it experienced after the expiration of the homebuyer tax credit in April. The fact that buyers are scooping up new homes when there are plenty of existing homes available means that people are finally responding to favorable purchasing conditions. Get 'em while they're hot.

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