Nov
25
Sales of New U.S. Homes Rebound in October as Backlogs Mount
ByPurchases of new U.S. homes rebounded in October from a 14-month low and order backlogs reached an eight-year high, indicating a pickup in residential construction.
Sales jumped 10.7 percent, the most since August 2014, to a 495,000 annualized pace, Commerce Department data showed Wednesday. The number of homes sold but not yet started climbed to 177,000 in October, the highest level since July 2007.
Demand for new properties will probably keep growing as the job market improves and mortgage rates remain low. An improved outlook will help spur residential construction and contribute more to the economic expansion…
Sales of New U.S. Homes Rebound in October as Backlogs Mount
