Sales of new one-family houses rose to an annualized pace of 464,000, above market expectations of 458,000.

Although the data showed a monthly gain, it was still down 33.1 per cent from a year ago, reflecting the unprecedented meltdown in the US property market after a years-long boom.

The median sales price of new houses was US$218,400 (S$330,293), compared to US$221,900 a month earlier.

The inventory of unsold homes fell slightly to 394,000, a supply of 10.4 months at the current sales rate. -- AFP