September sales of new single-family homes rose 6.6 percent above August’s rate, according to estimates from the U.S. Census Bureau and the Department of Housing and Urban Development. Nicholas Tenev, an economist with Barclays Capital, said it looks as though new-home sales have stabilized and he expects a gradual recovery over the coming months. Despite the unexpected jump, sales of new homes are still 21.5 percent below last year’s levels. The median sales price of new houses sold in September was $223,800; the average sales price was $257,500. More here and here.