U.S. new-home sales edge up in October

By Agence France-Presse
Monday, November 28, 2011 17:15 EDT
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A home for sale. Photo: AFP.
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WASHINGTON — Sales of new homes in the United States edged up in October, but not enough to curb the steady fall in prices, Commerce Department data showed Monday.

New homes sold at a pace of 307,000 a year, compared to 303,000 in September and 282,000 a year earlier.

But the average sales price was $242,300, down $6,100 from September and more than $12,000 lower than October 2010, according to the Commerce Department.

With the depressed housing industry still a crucial reason for the country’s sluggish economic recovery, a bright note in the data was that the supply of houses on the market continued to tighten.

The number of houses for sale nationwide at the end of October was 162,000, a supply of 6.3 months, compared to the 8.5 months supply on the market in October 2010.

Agence France-Presse
Agence France-Presse
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