Commerce Department said Monday that new-home sales

Commerce Department said Monday that new-home sales

Since this time past year, sales in the region have increased almost 65%.

The annualized seasonally-adjusted pace of new-home sales stood at 685,000 units, 6.2 percent higher than the revised September reading and 18.7 percent above the October 2016 level.

(Kitco News) - Gold prices have fallen from their highs but remain in striking distance of $1,300 an ounce, despite a stronger-than-expected rise in new home sales. September's sales pace was revised down to 645,000 units from the previously reported 667,000 units.

The upbeat new home sales data in October signals the US housing recovery is regaining momentum and that residential construction will accelerate in coming months. But recent months have seen a sudden jump in sales. Economists polled by Reuters forecasted a six percent decline in overall home sales.

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"In the strongest year-over-year growth we've seen since 2017's first quarter, increasing sales in all four regions drove USA new home sales up strongly in October-6.2% from September and 18.7% from one year ago", said Chief Economist Danielle Hale.

New home sales, which have now increased for three straight months, added to strong homebuilding and existing home sales data in painting a positive picture of the housing market after it appeared to stall this year. The pace was the highest since October 2007, when sales were on an annual pace of 725,000 units.

Seasonally adjusted annual rate at its highest in 10 years. Sales rose 30.2% in the Northeast, 17.9% in the Midwest, both possibly due to mild weather, while sales increased 6.4% in the West and 1.3% in the South. However, even with the October monthly drop, these orders are 4.4% higher than they were in October 2016. If the rate of sales of new homes continues, there will be a total supply lasting 4.9 months.

New construction has been unable to keep up with demand.

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