New-Home Sales Rise, but From Reduced Level

New-home sales rose 1.7% in October after the government revised the September sales number downward by 54,000 units.The U.S. Census Bureau reported that sales of new single-family homes rose from a seasonally adjusted annual rate of 716,000 in September to 728,000 in October. Last month the Census Bureau reported that September sales totaled 770,000. The bureau also trimmed the August number by 18,000 sales. Overall, new-home sales are down 23.5% nationally since October 2006, even though the Northeast has seen a 43.6% increase in sales. The West and the South have experienced a drop in sales of 37.3% and 25.0%, respectively, while the Midwest has seen an 11.7% decline. Meanwhile, the median sales price of a newly constructed home in October stood at $217,800, down from 238,400 in September.