New-home sales continue robust pace

New-home sales

New-home salesBy Jeffrey Sparshott and Kris Hudson | The Wall Street Journal

“I don’t think people are jumping off the fence because of an [impending] increase in interest rates,” Mattamy COO Brian Johnston said.

Sales of newly built homes rose in October, leaving the housing market on track for its best year since 2007.

Purchases of new single-family homes rose to a seasonally adjusted annual rate of 495,000 in October, the Commerce Department said Wednesday, up 10.7% from September’s revised 447,000.

The October rebound follows reports of renewed sales momentum for many home builders.

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