Sales of new single-family homes were at a rate of 444,000 in October, a 25.4 percent increase from September's rate of 354,000, according to the U.S. Department of Commerce. The October rate is 21.6 percent above October 2012.
The median sales price of new houses sold in October was $245,800, and the average sales price was $321,700. There were an estimated 183,000 new homes on the market at the end of October, representing a 4.9-month supply at the current sales pace.
"The strong October results return us to the sales levels we saw earlier this year and negate the pause caused by the sudden jump in interest rates," said NAHB Chief Economist David Crowe in a statement. "We expect sales to continue to rise as pent-up demand is released and first-time home buyers creep back into the market."
