New home sales backing down from recent highs

By Jann Swanson | Mortgage News Daily

New home sales failed to build on their September momentum, although the October downturn was not a large one. The Census Bureau and the Department of Housing and Urban Development said today that sales of newly constructed homes in October were at a seasonally adjusted annual rate of 563,000 units, 1.9 percent less than in September but 17.8 percent higher than in October 2015.

September sales appeared to have marked a strong comeback from a particularly week August but, while still an improvement on that month, have now been revised downward from 593,000 to 574,000 units.

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