Posted To: MND NewsWire

The headline for the new home sales report for October was the year-over-year increase in sales. While sales of newly constructed homes were actually slightly lower than in September, they surged to surpass sales a year earlier by 31.6 percent, more than doubling the annual increase the prior month. The U.S. Census Bureau and Department of Housing and Urban Development reported sales during the month at a seasonally adjusted annual rate of 733,000, down 0.7 percent from September. That previous number, however, was revised from an originally reported 701,000 to 738,000 units. Sales in October 2018 were at the rate of 557,000 units. Analysts had expected sales to be up slightly from September at a consensus of 707,000. Estimates gathered by an Econoday poll all fell short, with a range of 690…(read more)

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Source: Mortgage News Daily