New home sales rose 0.7% in October, the U.S. Commerce Department said Wednesday.
Sales reached a seasonally adjusted and annualized pace of 458,000 units, compared to September’s revised sales rate of 455,000 units. Previously, the Commerce Department pegged September’s sales rate at 467,000.
Economists looked for a rise in sales as consensus forecasts showed expectations of a sales rate of about 470,000 homes.
The department also said last month’s new homes sales increased 1.8% compared to the October 2013 sales rate of 450,000.
The median price for a new home was $305,000 and the average price was $401,100, the report said. The supply of new homes for sale at the end of October was 212,000 units, a 5.6-month supply, the Commerce Department said.