Thursday, November 26, 2009
Sales of new homes rose more than expected last month to the maximum level in more than a year as the housing market shows stability after its historic collapse.
The Commerce Department says sales rose 6.2 percent to a seasonally adjusted yearly rate of 430,000 from an upwardly revised 405,000 in September. Economists surveyed by Thomson Reuters had expects a pace of 410,000.
House shoppers in October were acting before lawmakers decided to extend a tax credit for first-time buyers and expand it to existing homeowners. Nevertheless, sales were up 5.1 percent from a year ago, the first yearly raise since November 2005.
The median sales price of $212,200 was off 0.5 percent from $213,200 a year previous, but up 0.7 percent from September's level of $210,700.
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by World House Info @ 11:10 PM
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