New Home Sales Up For 3rd Straight Month

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The U.S. Census Bureau and the Department of Housing and Urban Development’s New Residential Sales Report for October shows sales of newly built single-family homes rose 0.7 percent from the month before. It was the third consecutive month of improvement. Strong gains were seen in the Midwest and Northeast, with new home sales spiking nearly 16 percent in the Midwest. The South and the West, on the other hand, saw slight declines. In addition to increasing sales, the number of new homes available on the market has also been rising. In fact, inventory hit a four-year high in October. Also in the report, the median sales price of new homes sold in October was $305,000; the average sales price was $401,100. At the current sales pace, there was a 5.6-month supply of new homes available for sale at the end of the month. Typically, a six-month supply is considered a balanced market. More here.

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