New Home Sales Rise 6.6 Percent in September

(Newsroom America) -- The Commerce Department said Wednesday that sales of new homes rose 6.6 percent last month, a spark of good news in an industry devastated by the recent recession.

The department said sales rose to a seasonally adjusted 309,000 units following five months of dismal figures that were the worst showing in more than four decades.

Reports said new home sales have risen 9 percent since May but are still off historic levels.

The market is saturated with millions of foreclosed homes and new home builders are competing with that glut of inventory, analysts said.

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Contact Jon E. Dougherty