The
U.S. Commerce Department reported on Wednesday that the sales of new
single-family homes rose 0.4 percent m-o-m to a seasonally adjusted annual rate
of 745,000 units in October. This was the highest reading since April.
Economists
had forecast the sales pace of 800,000 last month.
September’s
sales pace was revised down to 742,000 units from the originally reported 800,000
units.
According
to the report, new home sales in the South, the largest area, edged up 0.2
percent m-o-m in October, while those in the Midwest surged 11.0 percent m-o-m.
In the meantime, new home sales in the West fell 1.1 percent m-o-m and those in
the Northeast plunged 11.8 percent m-o-m.
The
report also showed that median sales price soared 17.5 percent y-o-y to $407,700,
while the average sales price climbed 21.1 percent y-o-y to $477,800.
In
y-o-y terms, new home sales were down 23.1 percent in October.