New Home Sales Rise Modestly in October

Washington, DC, Nov. 28, 2011 -- Sales of new single-family homes rose 1.3% in October to an annual rate of 307,000, according to data from the Census Bureau and Housing Department.

Sales in September were revised down to 303,000 from an original reading of 313,000,

Economists had expected new home sales to climb to an annual rate of 320,000 on a seasonally adjusted basis.

The median sales price fell $1,000 to $212,300.

The supply of new homes on the market dropped slightly to 6.3 months. Sales of new homes are 8.9% higher compared to one year ago.