Sales of newly built, single-family homes in October rose 6.2% to a seasonally adjusted annual rate of 685,000 units from a downwardly revised September reading, according to newly released data by the U.S. Department of Housing and Urban Development and the U.S. Census Bureau. This is the highest sales pace since October 2007. Year-to-date, new home sales are 8.9% above their level over the same period last year.
"The October report shows strong sales growth at entry-level price points," said Granger MacDonald, chairman of the National Association of Home Builders (NAHB). "In markets where builders are able to provide homes for families with different household budgets, they can fulfill a growing demand for housing."