New Home Sales Rise 3.5% in October

Robust sales in the Northeast, Midwest and West helped boost sales of new single-family homes 3.5% in October, the steepest rise since June, the government reported Friday.

Sales were at an annual rate of 733,000 in October, the highest since a rate of 738,000 in February, 1987, according to the Commerce Department’s Census Bureau. The 3.5% rise in October was the fastest increase since June’s 5.4%; it followed a revised decline of 1.4% in September and a revised incline of 2.1% in August.

All figures were adjusted for seasonal variations.

The median sale price of a new home in October was $115,900, with the average price at $140,100, the bureau said.