New Home Sales Rise for October

New home sales grew 6.2% in October to the highest level since September 2008, the Commerce Department said Wednesday.

Sales climbed to an annual rate of 430,000 units, Commerce said. The median selling price decreased 0.5% from October 2008.

Economists had forecast the October rate to rise to 404,000 units from an initially reported 402,000 in September, Bloomberg reported.

Rising home sales can mean more business for flatbed trucking companies that haul building materials and dry van freight carriers that haul household appliances and furniture.

New home sales account for about 15% of residential real estate sales.