U.S. home sales rose in December

WASHINGTON, Jan. 26 (UPI) -- Sales of new single-family homes rose for the second consecutive month in December, the U.S. Commerce Department said Wednesday.

Home sales rose from a revised 280,000 on an annual basis in November to 329,000, climbing 17.5 percent in the month after rising 5.5 percent from October to November.

December's sales, however, came in 7.6 percent lower than December 2009.

The Commerce Department said the median sales price for a new home sold in December increased from $213,000, to $241,500, representing a sharp jump up from October, when the median price was $194,400.

At the end of December, there were 190,000 homes on the market, a 6.9-month supply at the current rate of sales.