New-Home Sales Rise Unexpectedly

The U.S. Department of Commerce reported Wednesday that new-home sales rose 6.2% in October to a seasonally adjusted annual rate of 430,000 – up from an upwardly revised rate of 405,000 in September (originally 402,000).

The sales totals surpass the projections of economists polled by Reuters, who had forecasted a rate of 410,000 units. The increase was largely driven by activity in the South, where sales increased 23.2% from September.

The median sales price for new homes in October – $212,000 – was 0.5% lower than the median price recorded in October 2008 but 0.7% higher than September's figure.

SOURCE: Department of Commerce


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