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• Rich - Oct 27 2008 | the, it, economy, housing, real estate, stocks

  Although prices for homes continued to drop, the number of sales of new single-family homes rose by 2.7% in Sept, defying expectations that they would drop below August's rates.

  Quoted: Beyond that, investors were cheered after sales of new homes last showed an unexpected increase in September. While median home prices have dropped to the lowest level in four years, investors appeared pleased that the market was beginning to chip away at an inventory glut. The Commerce Department reported that sales of new single-family homes rose by 2.7 percent in September to a seasonally adjusted annual rate of 464,000 homes. Economists had expected sales would drop from August.