New single-family home sales rose in October and the supply of homes on the market fell to its lowest level since April of last year, showing some healing in the housing sector.
The Commerce Department reported on Monday that sales edged up 1.3 percent to a seasonally adjusted 307,000-unit annual rate, which was the fastest pace in five months.
The supply of new homes in the market would last 6.3 months at the current pace of sales.
The supply of new homes in the market would last 6.3 months at the current pace of sales.
This report follows the trend set by last week's gain of 1.3% for Existing Home Sales. Both market segments continue to perform better than analysts' expectations and show some much needed strength in the housing market.
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