New home sales rose slightly in October

WASHINGTON, Nov. 28 (UPI) -- Sales of new single-family homes rose 1.3 percent from September to October, the U.S. Commerce Department said Monday.

Home sales in October came in at a seasonally adjusted annual rate of 307,000. In September, 303,000 new homes were sold, the department said, releasing a revised figure.

The rate of home sales in September came in 8.9 percent above the 282,000 new single-family homes sold in the same month of 2010.

The Commerce Department said the average sale price for a new home sold in October was $212,300.

Going into November, there were 162,000 new homes on the market, a 6.3-month supply at the current rate of sales, the Commerce Department said.