The Commerce Department announced earlier today that sales in August 2011 of new homes fell to a six-month low, as reported by the Associated Press.
The report released by the Commerce Department showed new-home sales fell 2.3 percent, which is approximately half the amount of sales necessary to uphold a healthy housing market. While only representing less than twenty percent of the overall home sales, new home sales do have a large impact on the economy, as each new home built is responsible for creating jobs as well as generating significant tax revenue (approximately $90,000.00 according to the National Association of Home Builders).
