Sales of newly built single-family homes in October were at a seasonally adjusted annual rate of 685,000, a 6.2 percent increase from September’s rate of 645,000 and 18.7 percent above the October 2016 rate of 577,000, according to the U.S. Census Bureau.
October’s rate is the highest since the October 2007 rate of 686,000.
"There is solid growth in the number of sales contracts signed before construction has begun, a strong indicator that new single-family home production should continue to grow as we look ahead to 2018," said Robert Dietz, chief economist of the National Association of Home Builders, in a statement.
The median sales price of new homes sold in October was $312,800, a 3.3 percent increase compared with October 2016’s median price of $302,800.
