The Economy

U.S. New Home Sales Rise 2.7%

Oct. 27, 2008

Decreasing prices helped market

Helped by falling prices, U.S. new home sales showed a modest 2.7% rebound in September, government data showed on Oct. 27.

Sales of new one-family houses rose to an annualized pace of 464,000, above market expectations of 458,000. Although the data showed a monthly gain, it was still down 33.1% from a year ago.

The median sales price of new houses was $218,400, compared to $221,900 a month earlier.

The inventory of unsold homes fell slightly to 394,000, a supply of 10.4 months at the current sales rate.

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