New home sales jump to near 2-1/2 year high in September
Wed Oct 24, 2012 10:02am EDT
WASHINGTON (Reuters) - New single-family home sales surged in September to their highest level in nearly 2-1/2 years, further evidence the housing market recovery is gaining steam.
The Commerce Department said on Wednesday sales increased 5.7 percent to a seasonally adjusted 389,000-unit annual rate - the highest level since April 2010, when sales were boosted by a tax credit for first-time homebuyers.
Though August's sales pace was revised down to a 368,000-unit pace from the previously reported 373,000 units, the tenor of the report was relatively strong, with the median home price of a new home rising 11.7 percent from a year ago.
Economists polled by Reuters had forecast sales rising to a 385,000-unit rate last month.