The Census Bureau reported last week that the median price for a new home fell from $226,300 in September to $194,900 in October, a one-month decline of 13.9 percent. While new home sales prices are always erratic and the October data were pushed downward in part by a relative increase in sales in the low-cost South region, this is the lowest reported price since October of 2003, when the median price was $194,100. The October data suggests that house prices may again be falling rapidly.

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