New-Home Sales Rise From Revised August #

New-home sales rose 4.8% in September after the government's sales numbers were revised downward by 60,000 for August and 69,000 for July.The U.S. Census Bureau reported that sales of new single-family homes rose from a seasonally adjusted annual rate of 735,000 in August to 770,000 in September. (Last month, the Census Bureau reported that new-home sales totaled 795,000 in August.) Despite the downward revisions and aggressive price cutting, builders still have an 8.3-month supply of unsold homes on their hands. And the number of completed new homes on the market remains at or above 180,000 for the eighth consecutive month. The Census Bureau, an agency of the Commerce Department, can be found online at http://www.doc.gov.