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November 28, 2017

New-home sales jump 6.2 percent in October

  • Many buyers are turning to new construction because of a shrinking supply of existing homes for sale.
    • By JOSH BOAK
    AP Economics Writer

    WASHINGTON — Americans bought new homes in October at the fastest pace in a decade — a 6.2 percent monthly increase that reflects both the underlying strength of the economy and the worsening shortage of existing homes for sale.

    The Commerce Department said Monday that new-home sales last month rose to a seasonally adjusted annual rate of 685,000. That marks the third straight monthly gain and the best sales clip since October 2007. Much of the sales growth came from the Northeast and Midwest, with the South and West posting smaller increases.


     
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