U.S. new home sales up in October

The U.S. Commerce Department reports that new home sales rose 7.5% in October to 632,000 units. Contrary to the forecast, which fell to the level of 570,000 units.

Year-over-year, new home sales fell 5.8% in October.

Meanwhile, the Commerce Department revised down the number of new homes sold in September to 588,000 units from 603,000.

The median price of a new home rose to $493,000 in October.

The stock of new apartments rose to 470,000 units.

When looking at home sales and the inventory of homes on the market, it was found that it took 8.9 months for home sellers to sell their homes until the inventory on the market was depleted.

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