September 27, 2007 (LPAC)--The LA Times reported today that homebuilder KB Homes reported a 32% drop in third-quarter revenue and warned that inventory will continue to rise, driving prices lower. Reuters reported that the Commerce Dept. said today that, sales of new single single-family new homes fell 8.3% in August to the slowest sales-rate in over seven years. The median sales price dropped 8.3% to $225,700, the lowest since January 2005; that price represents a drop of 7.5% from a year ago, which Reuters says is the sharpest drop since December 1970. The National Association of Realtors earlier this week reported there are a total (new and existing) 4.58 million homes for sale, which represents a 10-month supply of homes at the current pace of sales. Meanwhile, Bloomberg.com reported that Fannie Mae CEO Daniel Mudd said in an interview, that the housing slump will last beyond 2008.