Sales of New Homes Down

For the first time since March of this year, sales of new homes have dropped 7.8% this September from last year. Median sale prices are also down from last year, but up from August. The recovery of the real estate market is not going to be one smooth line up, there will be declines and setbacks, but with the likely hood of the $8000 tax credit being renewed, and maybe expand to all home buyers, things could get better in the spring. Don't expect any big jumps from now until the market traditionally picks up in the coming year, with the tax credit expiring, no one is getting into transactions where they would depend on it. Also, December through February are always slow months, so any increase would be a surprise. http://www.oregonlive.com/news/index.ssf/2009/10/new_home_sales_fall_a_surprisi.html