New-Home Sales Up Sharply in October

December 5, 2013

Sales of newly built, single-family homes rose 25.4 percent to a seasonally adjusted annual rate of 444,000 units in October, according to data released today by the U.S. Department of Housing and Urban Development and the U.S. Census Bureau, as reported by the National Association of Home Builders.

The government also reported that new-home sales fell 6.6 percent in September. The release of both the September and October report were delayed by the partial government shutdown in early October, according to the Dec. 4 NAHB release.

"The October sales numbers show that there is clearly a demand for new housing and the recovery remains on track," said Rick Judson, chairman of NAHB and a home builder from Charlotte, N.C., in the release. "However, the recovery continues to be slowed by political uncertainty in Washington and ongoing constraints builders face with regard to tight credit conditions for consumers and the availability of labor, lots and materials."

Read the full release