New Home Sales Climb

The pace of new home sales climbed 0.7% in October to an annualized pace of 458,000 units.

Economists had forecast a pace of 471,000 units.

Sales climbed 7.1% in the Northeast and surged 15.8% in the Midwest. They declined in the South and the West.

The median new home sales price during the month was $US305,000.

According to the Census, there were 212,000 new houses for sale, which represents a 5.6 month supply.

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