But the median price of a new home tumbled 9.7 percent from a year earlier to $217,100. It was the sharpest drop since December 1970, when prices posted an 11.2 percent decline, and was the fourth largest year-over-year decline on record.
The September price slump also marked a 9.3 percent decline from August and a 15.5 percent drop from the record high price of $257,700 posted in April of this year.
In addition, the government's measure of prices doesn't capture all the incentives such as free closing costs that many builders have been offering to boost sales.
The collapse in pricing is likely due to the oversupply of homes on the market, due greatly to the building boom of last year.
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