New U.S. Home Sales Rose 6.2% in Oct.

2 12 2009

Sales of new U.S. homes rose last month to the highest level in more than a year as the housing market shows stability after its historic collapse.

Sales of new, single-family homes were at a seasonally adjusted annual rate of 430,000, according to the U.S. Census Bureau and the Department of Housing and Urban Development. That is 6.2 percent above the revised September rate of 405,000 and 5.1 percent higher than October of last year.

The government also says the median sales price of new houses sold in October was $212,200. The number of new houses listed for sale at the end of the month was 239,000, a 6.7 month supply at the current sales rate.

The government report on new home sales follows a report from the National Association of Realtors last week showing existing home sales rose 10.1 percent in October from September levels.

Existing home sales, by far the lion’s share of the housing market, were up 23.5 percent from a year earlier, with sales activity at the highest pace since February 2007, the NAR said.

Home sales in Jacksonville, as reported last week by Florida Realtors, were up, but the median price was down.

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