New home sales rise in October, but September revised down

Reuters

Sales of new U.S. single-family homes rose for a third straight month in October, but a downward revision to the prior month’s sales pace indicated the housing market recovery would remain gradual.

The Commerce Department said on Wednesday that sales gained 0.7 percent to a seasonally adjusted annual rate of 458,000 units. September’s sales pace was revised down to 455,000 units from 467,000 units.

Economists polled by Reuters had forecast new home sales rising to a 472,000-unit pace last month.

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November 28, 2014

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