Posted To: MND NewsWire

New home sales improved slightly on the unexpected, reported surge in September and still managed to disappoint. The U.S. Census Bureau and the Department of Housing and Urban Development report that sales of new single-family homes ticked up 0.4 percent in October to 745,000 seasonally adjusted annual units but that change was from a downwardly revised September rate of 742,000 units. September’s sales were originally reported at an 800,000 rate. October’s sales were 23.1 percent below the October 2020 rate of 969,000. Analysts polled by Econoday had expected a much better outcome. They had a consensus of 745,000 based on estimates that ranged from 735,000 to 820,000 units. On an unadjusted basis there were 59,000 new homes sold during the month, down from 60,000 in September. For the year…(read more)

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Source: Mortgage News Daily