The presence of a tax credit for first-time buyers and slightly more confidence in the economy fueled a 6.2% in new home sales last month-5.1% above October 2008-the Departments of Commerce and Housing and Urban Development reported today.
October's sales were at a seasonally adjusted annual rate of 430,000, compared with 405,000 in September and 409,000 in October 2008.
It was the second consecutive piece of positive housing data. On Monday, the National Association of Realtors reported that existing home sales increased 10.1% in October.
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Last month, new home sales increased 23.2% in the South and fell in the Northeast, Midwest and West by 5.1%, 20%, and 5.1%, respectively.
The year-to-year sales figures increased in the Northeast, South and West by 5.7%, 8.4% and 8.1%, respectively. They fell 11.1% in the Midwest.
October's median price for a new home was $212,200, compared with $204,800 in September. The average sales price was $261,100, compared with $282,600 in September.
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