New-Home Sales Rose In October

Sales of new single-family homes rose to a seasonally adjusted annual rate of 307,000 in October, according to estimates released Monday by the U.S. Census Bureau and the Department of Housing and Urban Development.

October's new-home sales represent a 1.3% increase above the revised September rate of 303,000. The rate is also 8.9% higher than the October 2010 estimate of 282,000 homes, according to government data.

At the end of October, there were approximately 162,000 new homes available for sale, representing a supply of about 6.3 months at the current sales rate.

The median sales price of new houses sold in October was $212,300, and the average sales price was $242,300.

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