New single-family home sales rose in October and the supply of homes on the market fell to its lowest level since April of last year, the Commerce Department said on Monday. The Commerce Department said that sales increased by 1.3 percent to a seasonally adjusted 307,000-unit annual rate, which was the fastest pace in five months, but is still below analysts' expectations. The supply of new homes in the market would last 6.3 months at the current pace of sales. Still, the average sales price fell 0.5 percent.
