New-home sales show surprising rise in September

New-home sales in September exceeded economists' expectations by increasing 2.7% to a seasonally adjusted annual rate of 464,000, up from August's revised rate of 452,000, according to the Commerce Department. Economists predicted a September sales rate of 455,000. However, builders again needed to lower prices, and prices fell to their lowest in four years, dropping 9.1% from last year at the same time.

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