WASHINGTON — U.S. sales of new homes edged up 0.4% final month, coming in beneath expectations as housing prices continued to climb.
The Commerce Division reported Wednesday that sales of new single-family homes rose to a seasonally adjusted annual charge of 745,000 final month from 742,000 in September. Economists had anticipated October new dwelling sales to return in at a 795,000 annual tempo. And the September sales charge was revised sharply decrease from 800,000 in Commerce’s authentic report.
New dwelling sales had been down 23% from a 12 months earlier.
The median worth of a new dwelling, the purpose the place half the homes offered for extra and half for much less, rose to a document $407,700 final month, up practically 18% from a 12 months earlier.
New dwelling sales rose 11% from September to October in the Midwest and 0.2% in the South. They fell 11.8% in the Northeast and 1.1% in the West.
The housing market has been sizzling, because of rock-bottom mortgage charges and pent-up demand from shoppers locked in final 12 months by the pandemic.
On Monday, the Nationwide Affiliation of Realtors reported that sales of beforehand occupied homes rose 0.8% final month to a seasonally adjusted annual charge of 6.3 million, strongest annual tempo since January.