REALTORMag
Sales of newly built, single-family homes dropped 1.9 percent in October, but builders believe the dip to be temporary. New-homes sales reached a seasonally adjusted annual rate of 563,000 units, according to the Commerce Department.
“Though slightly down from last month, new home sales have been on an upward trend since last year,” says Ed Brady, chairman of the National Association of Home Builders.
Inventories of new homes for-sale was 246,000 in October, a 5.2-month supply at the current sales pace.
