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.

More news: Free "Sanic" DLC is actually being added into Sonic Forces
More news: The Ashes: All-rounder heading to New Zealand in preparation for England call-up
More news: What Is Insider Trading Activity Like At Ford Motor Company (F)?

"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 realtor.com 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.

Related Articles

  • Everton sink to the level of Allardyce as talks re-open

    Everton sink to the level of Allardyce as talks re-open

    Just before now manager Claude Puel got the job, Allardyce was amongst a plethora of names heavily linked with the Leicester post. But despite Allardyce being the leading contender to take over at Everton , the Toffees are also looking at other options.
    Mercedes vehicle  stolen without using a key in seconds in 'relay theft'

    Mercedes vehicle stolen without using a key in seconds in 'relay theft'

    However, relay boxes aren't hard to get hold of, meaning it could quickly become a more popular tactic for auto thieves. The relay box essentially carries the signal over to the auto , allowing it to unlock easily.

    Sen. Schumer calls for crackdown on at-home DNA testing kits

    MyHeritage's statement linked to an Ancestry.com page that notes they teamed up with a third-party firm to do genetics research. Senate Minority Leader Charles Schumer D-NY, speaks on the Republican's new tax plan in Washington, D.C. on November 2.
  • Teva Pharm restructures, shakes up senior management

    Teva Pharm restructures, shakes up senior management

    Hanson & Doremus Investment Management grew its position in Teva Pharmaceutical Industries by 20.2% during the 2nd quarter. Fridriksdottir joined Teva in 2016 and has served as the company's president of global generics research and development.
    Franken apologizes for making some women 'feel badly'

    Franken apologizes for making some women 'feel badly'

    Al Franken (D-MN) is facing two more accusations of sexual misconduct on the eve of Thanksgiving. Franken offered an apology to Tweeden, which she accepted.

    West Florida Natural Gas Co (NASDAQ:MRVL) Institutional Investor Sentiment Is 1.15

    The stock of Marvell Technology Group Ltd . (NASDAQ: MRVL ) earned "Buy" rating by Loop Capital Markets on Friday, August 25. Moreover, Clear Harbor Asset Lc has 0.05% invested in Marvell Technology Group Ltd. (NASDAQ: MRVL ) for 17,500 shares.
  • Apple Suppliers Solve iPhone X Production Bottlenecks

    Apple Suppliers Solve iPhone X Production Bottlenecks

    The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link . Following the sale, the insider now directly owns 39,682 shares in the company, valued at approximately $6,839,192.70.
    Republican Senator Paul says he plans to vote for Senate tax bill

    Republican Senator Paul says he plans to vote for Senate tax bill

    I spoke out all year against the GOP leaders' initial plan to make their tax reform "revenue neutral" - meaning not really a cut. Republicans control the Senate by a 52-48 margin, leaving little room for defections. "This bill is not flawless ", he said.

    DOJ indicts three Chinese nationals over hacks on Siemens, Moody's, and Trimble

    Information on a huge number of USA workers employed in sensitive or secret work was stolen in that data breach. All three are residents of Guangzhou, China.
  • The longest living United States  president — George HW Bush

    The longest living United States president — George HW Bush

    Born on June 12, 1924, Bush Sr. served as the 41st President of the United States, and held office from 1989 to 1993. Carter and Bush joined the four other living presidents in October for a hurricane relief concert in Texas.
    Facebook trains artificial intelligence to spot suicidal signs

    Facebook trains artificial intelligence to spot suicidal signs

    Facebook has previously used artificial intelligence to surface suicide reporting options to friends of a troubled user. Facebook says it's working to release the tool across the USA and eventually make it available to most of the world.
    Scaramucci Threatens Suing Tufts Student Newspaper With Defamation 08:55 Download

    Scaramucci Threatens Suing Tufts Student Newspaper With Defamation 08:55 Download

    The student is an adult, let his actions stand without any coddling", Scaramucci tweeted. Just ask Manchester by the Sea director Kenneth Lonergan.