New home prices fall

The average price of a new home fell by 2.3% in September but annual growth showed continued improvement, with the rate of decline decreasing for the fourth consecutive month to -10.2%, according to SmartNewHomes.com. Having predicted that the early stages of recovery in the new homes market would be less pronounced than growth seen in the re-sale sector, David Bexon, managing director of the property website, said any negative month-by-month figures recorded at this stage should not be any cause for alarm. "The industry should take confidence in the data for annual price growth, where gradual improvement has been made since May this year. Consumer confidence is still highly susceptible to any government or industry announcements, as well as reports on mortgage availability."
 
 
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