By ALAN ZIBEL
AP Real Estate Writer
WASHINGTON (AP) — Sales of new homes rose more than expected last month to the highest 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 annual rate of 430,000 from an upwardly revised 405,000 in September. Economists surveyed by Thomson Reuters had expected a pace of 410,000.
Home 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 increase since November 2005.
The median sales price of $212,200 was off 0.5 percent from $213,200 a year earlier, but up 0.7 percent from September’s level of $210,700.
Business
November 25, 2009
New U.S. home sales rise 6.2 percent
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'Best practices' to be showcased during Shaw/Commerce Dept. event
Shaw Industries Group and the U.S. Department of Commerce, International Trade Administration, Office of Textiles and Apparel will host a sustainable manufacturing practices event in Dalton on Friday with a stop in Cartersville.
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'Best practices' to be showcased during Shaw/Commerce Dept. event
