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New-home sales jump in October

Sales of new homes rebounded solidly in October after a dip the prior month, the U.S. Census Bureau reported on Wednesday.

Sales jumped up nearly 11 percent over the revised figure in September to reach an annual pace of 495,000, the Census Bureau said. Sales were running 4.9 percent above the October 2014 pace.

National Association of Home Builders Chief Economist David Crowe said that sales of new homes are running 15.7 percent above last year.  

“With a firming job market, affordable home prices, and rising pent-up demand, today’s report is another indicator that the housing market continues to move on a modest upward trajectory,” he said in a news release.

Sales were up in three out of four regions in the month, and only fell in the West. 


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