New Home Sales Reach Strongest Pace in a Decade
Contracts for new, single-family home sales expanded by 6.2 percent in October to a 685,000 seasonally adjusted annual rate, according to estimates from the joint release of HUD and the Census Bureau. The strongest reading in a decade continues new home sales on a positive growth trend. The expansion is supported by ongoing job growth and improving household formations, as well as tight existing home inventory.
Despite some volatility in the month-to-month sales figures, October marks the sixth month in 2017 at an annual sales pace of more than 600,000. New home sales through October are running 8.9 percent higher than this time in 2016, in line with the National Association of Home Builder’s forecast.
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