West Boosts U.S. New-Home Sales in October

New-home sales increased 0.8% in October, from the previous month, to a seasonally adjusted annual rate of 851,000, the Commerce Department said. The September results were revised, with sales rising 0.8% instead of the previously reported drop of 1%. The increase in October home sales was largely the result of a booming housing market in the West, where the sales rate jumped 11.2% to 248,000. The sales rate fell in all other regions, with sales down 0.3% in the South, 5.4% in the Midwest and 11% in the Northeast. The nationwide median sales price for a new home dipped 0.3% in October to $150,000, from $150,500 in September. Many housing experts are forecasting an annual sales rate this year of more than 900,000 units--a record high.