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February 25, 2012 | By Tiffany Hsu, Los Angeles Times
More home buyers turned to older homes in January, pushing sales of new homes down 0.9% in their first drop in five months. Sales of new residential properties slipped nationally to a seasonally adjusted rate of 321,000 from December's 324,000, which had been the highest rate in a year, according to the Commerce Department. But compared with January 2011, sales were up 3.5%. The median price of a new home was $217,000, down 9.6% year over year. Still, buyers rattled by high unemployment and mixed economic messages were leaning more toward existing homes, which are usually less expensive than new ones.
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BUSINESS
February 25, 2012 | By Tiffany Hsu, Los Angeles Times
More home buyers turned to older homes in January, pushing sales of new homes down 0.9% in their first drop in five months. Sales of new residential properties slipped nationally to a seasonally adjusted rate of 321,000 from December's 324,000, which had been the highest rate in a year, according to the Commerce Department. But compared with January 2011, sales were up 3.5%. The median price of a new home was $217,000, down 9.6% year over year. Still, buyers rattled by high unemployment and mixed economic messages were leaning more toward existing homes, which are usually less expensive than new ones.
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