After reaching the highest level in a decade last month, the yearly rate of new house sales ascended to a new decade-high pace. The Northeast continued to lead the rise.
October saw a preliminary 55,000 new homes sold. With the activity, there have been 525,000 newly constructed single-family properties sold in the first-10 months of this year.
The new house sales data was jointly reported on Monday by the Census Bureau and the Department of Housing and Urban Development.
According to the report, new homes were sold at a seasonally adjusted annual rate of 685,000. Historical data indicate that it was the single strongest month since October 2007, when the rate was 727,000.
Last month’s sales were 6 percent better than the downwardly revised number the preceding month, when sales climbed to the highest level in a decade, and 19 percent stronger than the upwardly revised level for the same month last year.
A statement from National Association of Home Builders Chairman Granger MacDonald said, “The October report shows strong sales growth at entry-level price points.”
New home sales in the Northeast worked out to an annual rate of 56,000, leaping from September by more than 30 percent — the best month-over-month improvement of any region. It was the second month in a row that the Northeast led.
The Midwest climbed 18 percent to 79,000 in October, the West rose 6 percent to 167,000, and the South was up a percent to 383,000.
There were 285,000 new U.S. housing units for sale as of Oct. 31, 2017, which came to a 5.2-month supply.
Last month’s median sales price was $312.800, and the average sales price was $400,200.
