New-Home Sales Jumped 25 Percent in October Surge

Sales of new single-family homes surged by more than 25 percent in October, according to the U.S. Commerce Department. The increase marks the largest monthly jump in three decades, and the sales pace was up 21.6 percent on an annual basis. The median home price fell 4.5 percent to $245,800, the lowest level in almost a year. Buyers returned to the housing market once mortgage rates started to decline in October, and the surge in buying was also the result of a market rebound from a slow September. The time it would take to deplete the inventory of homes on the market fell to 4.9 months, the lowest since June. Also, sales rose in all regions from September. However, on a year-over-year basis, sales only rose in the Midwest, Northeast, and the South — which led the way with an increase of more than 41 percent. | Read More