WASHINGTON, Oct. 27 (UPI) -- New U.S. home sales rose slightly in September the U.S. Commerce Department reported Monday.
New single-family home sales rose 2.7 percent to a seasonally adjusted annual rate of 464,000 units in September, although the figure is 33.1 percent below the estimated 694,000 home sales in September 2007, the department said.
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The median sales price of a new home in September was $218,400, while the average price was $275,500, the report said.
At current prices, the department said it would take 10.4 months for September's inventory of 394,000 completed new homes to sell at current prices.