New Home Sales Pace Hits Six-Month High

Washington, DC, Oct. 26, 2011 -- New home sales sales increased 5.7% in September to a seasonally adjusted 313,000-unit annual rate, the Commerce Department said.

Sales in the South logged their fastest pace since April 2010.

The percent change in overall sales last month was the largest since March, while the sales pace was the fastest since April.

August sales were revised slightly up to an annual pace of 296,000 units from the previously reported 295,000 units.

The Commerce Department report showed the median sales price for a new home fell 3.1% last month to $204,400 last month, the lowest since October 2010.