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New-Home Sales Rise in September

Sales of new single-family homes rose 2.7 percent in September to a seasonally adjusted annual rate of 464,000, up from the revised August rate of 452,000, the U.S. Commerce Department reported this morning. This is a 33.1 percent drop from the September 2007 estimate of 694,000.

The median sale price of a new home fell 9.1 percent from $240,300 in September 2007 to $218,400 last month. There were 394,000 homes available for sale at the end of September, which represents an 10.4-month supply at the current sales rate, down from the 11.4-month supply in August but up from the 9.4-month supply reported last year.

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