New single-family home sales increased to a seasonally adjusted annual rate of 685,000 in October, according to the U.S. Census Bureau and the Department of Housing and Urban Development. The October level was 6.2% above the downwardly revised September rate of 645,000 and 18.7% above the October 2016 estimate. October’s sales were the strongest figure since October 2007.
Sales grew in each of the four regions, led by the Northeast which jumped 30.2%. The Midwest, South and West posted gains of 17.9%, 1.3% and 6.4%, respectively.
The median price of a new home was $312,800, down 3.7% from September. The average price was $400,200.
At the end of October, the estimated supply at the current sales declined from 5.6 months to 5.2.
Read the Census/HUD release.