New-Home Sales Rise as Housing Market Strengthens

Sales of new homes rose in September to 389,000 units, the highest level in more than two years and up 5.7 percent from August, reports the Commerce Department. Prices came in at a median $242,400, down from $250,400 the month before but up 11.5 percent from last September. The inventory of new homes for sale rose slightly to 145,000, or a supply of roughly 4.5 months — the lowest level since October 2005. | Read More