September U.S. home sales up slightly

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.

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.