US sales of new homes rose in September

Sales of new single-family homes rose 5.7 percent August to September, the U.S. Commerce Department said Wednesday. Sales rose to a seasonally adjusted annual rate of 389,000 from a revised August rate of 368,000. Sales also rose 27.1 percent more than the annual rate of 306,000 from September 2011. The Commerce Department said the average sale price for a new home sold in September was $292,400, slight drop from August. The seasonally adjusted estimate of how many new homes were on the market at the end of the month was 145,000, which is 4,000 more than August and represents a 4.5-month supply at the current rate of sales.