US New Home Sales Rise 0.7% in October

New home sales rose 0.7% in October, the U.S. Commerce Department said Wednesday.

Sales reached a seasonally adjusted and annualized pace of 458,000 units, compared to September’s revised sales rate of 455,000 units. Previously, the Commerce Department pegged September’s sales rate at 467,000.

Economists looked for a rise in sales as consensus forecasts showed expectations of a sales rate of about 470,000 homes.

The department also said last month’s new homes sales increased 1.8% compared to the October 2013 sales rate of 450,000.

The median price for a new home was $305,000 and the average price was $401,100, the report said. The supply of new homes for sale at the end of October was 212,000 units, a 5.6-month supply, the Commerce Department said.

via Kitco

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency
trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza