New home sales rose 6.2 percent in October compared to September, according to a report released jointly by the U.S. Census Bureau and the Department of Housing and Urban Development.
This increase was 5.1 percent above the October 2008 level.
"New-home sales are what I am focusing on because they are the ones that are going to drive" gross domestic product, said Cameron Findlay, chief economist at LendingTree.com.
The median sale price of new homes was $212,200 in October with an estimated 239,000 units available at the end of that month, a 6.7-month inventory, according to the government.
Source: The Los Angeles Times, Alejandro Lazo (11/26/2009)
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