New Home Sales in October – Steady Progress On A Long Recovery

The US Census Bureau and Department of Housing and Urban Development in a joint release reported that newly constructed single family homes sold at a seasonally adjusted annual pace of 563 thousand in October, down slightly from September but continuing the slow, steady upward trend of the last several years. Sales were down 1.9% from September but up 17.8% from last October. Builders cautiously added to available inventories. The inventory of new single family homes for sale was 246 thousand, the highest level since the downturn.

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