New Home Sales Rise More Than 6 Percent In October

November 25, 2009 11:54 a.m. EST

Washington, D.C. (AHN) - Sales of new homes rose 6.2 percent in October, the Commerce Department reported Wednesday.

Some 430,000 new homes were sold at a seasonally adjusted annual rate, the agency estimated. That level was last reached in September 2008. Analysts had forecast a pace of 390,000 to 404,000.

The southern U.S., where sales rose 23.2 percent, was the only region experiencing the increase. In the Midwest sales fell 20 percent, while sales in the Northeast and the West both dropped 5.1 percent.

September new home sales were revised upward to 405,000.

The supply of homes on the market declined to a 7-month supply.

The median sales price in October was $212,200, a dip of $1,000 from a year ago.