New home sales jumped during government shutdown

WASHINGTON, Dec. 4 (UPI) -- Sales of new single-family homes rose sharply in October, climbing 25.4 percent above September's revised rate, the U.S. Commerce Department said Wednesday.

At a seasonally adjusted annual rate of 444,000, sales for the month in which the economy was jolted by an extended government shutdown, rose sharply from September's rate of 354,000. The month's sales were also 21.6 percent above October 2012, when the annual rate stood at 365,000.

The Commerce Department said the average price for a new home sold in March was $321,700.

At the end of October, there were an estimated 183,000 new homes on the market, representing a 4.9 month supply at the current rate of sales.