US new-home home sales up in September from revised lows

0 Comments | AFP, October, 2007

WASHINGTON (AFP) — US new-home sales showed an increase in September but only after a steep downward revision of the prior month's data, the Commerce Department said Thursday.

Home sales increased 4.8 percent to a seasonally adjusted annual rate of 770,000, but the rise is misleading because the August figure was revised down sharply to a pace of 735,000 from an earlier estimate of 795,000.

The latest figure represents a slower pace than the level of 780,000 expected by analysts.

The rate also shows a 23 percent slide from the level of a year ago, reflecting the horrific slump in housing from its red-hot pace.

The median sales price rose unexpectedly last month to 238,000 dollars, up five percent from 226,700 dollars in September of last year....