Sales of new homes rose in August by 4.1% after falling for the past 3 months. It was welcome news after the housing industry has been beaten down over the past 6 months.
In Las Vegas, Home Builders Research reported that new homes sales were down 11.7% from one year ago, however new home prices have risen 11.2%. These prices do not reflect the discounting and sales incentives given to buyers by the builders.
Mark Zandi, chief economist for Moody's Economy. com says that this rise is just a blip. "Housing is still headed down" says Zandi.
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