WASHINGTON, DC - Sales of newly built, single-family homes inched up 1.3 percent to a seasonally adjusted annual rate of 307,000 units in October, according to newly released data from the U.S. Commerce Department. The gain is from a downwardly revised rate in the previous month, and marks the best pace of new-home sales activity since this May.
"Builders have been seeing some marginal improvement in sales activity over the past few months, particularly in select markets where consumer confidence is higher due to improved economic conditions," says Bob Nielsen, chairman of the National Association of Home Builders (NAHB) and a home builder from Reno, Nev.
Regionally, new-home sales held unchanged in the Northeast and gained 22.2 percent in the Midwest and 14.9 percent in the West in October. The South was the only region to post a decline, of 9.5 percent.
Meanwhile, the nationwide inventory of new homes for sale held at an all-time record low of just 162,000 units in October, which is a 6.3-month supply at the current sales pace.
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