New home sales surge in October, supply dwindles

A new subdivision project of residential homes in shown in Highland, MarylandSales of new U.S. single-family homes recorded their biggest increase in nearly 33-1/2 years in October, suggesting the housing market recovery remains intact despite higher mortgage rates. The strong rise in new home sales, which are measured when contracts are signed, suggested higher mortgage rate had not derailed the housing market recovery. Higher mortgage rates have slowed the pace of home sales, but demand for accommodation as household formation continues to recover from multi-decade lows is keeping demand supported.



Personal Finance News Headlines – Yahoo! News

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