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Summary Box: Sales of new homes up in October

AP News
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Posted: Nov 28, 2011 3:38 PM
Summary Box: Sales of new homes up in October

STAGNANT SALES: New-home sales rose slightly in October to a seasonally adjusted annual rate of 307,000, the Commerce Department said Monday. That's less than half the 700,000 that economists say must be sold to sustain a healthy housing market.

WORST YEAR EVER?: This year's pace is trailing last year's 323,000 homes sold, which were the fewest since the government began keeping records in 1963.

TROUBLING SIGNS: The median sales price fell to its lowest level of the year, and the number of new homes for sale in the United States fell to a record low.