WASHINGTON — The pace of new single-family home sales increased by 6.2%, to 685,000, the highest level since October 2007, following the downward revision to the sales pace in September and an upward revision to August data, data released by the Commerce Department Monday showed.
The sales pace came in well above expectations of 629,000, based on an MNI survey of economists. The difference between the expected and the actual was 56,000.
The supply of new homes for sale rose 1.4% to 282,000 in October. Based on the movements in sales and supply in October, the months' supply fell 5.8% to 4.9 months from 5.2 months in September, falling below the 5.2 months supply a year ago.
With the supply of homes rising, the median sales price of new homes saw a fall of 3.7% to $312,800 in October, but was up 3.3% from October 2016.
Sales rose by 30.2% in the Northeast to 56,000, the highest level since October 2007. Sales rose by 1.3% in the large South region, also the highest level since October 2007. Sales were also up 6.4% in the West region and 17.9% in the Midwest.
New home sales in September were revised down to a 645,000 rate from the 667,000 rate previously reported, while August sales were revised up to a 565,000 rate from the 561,000 pace previously reported.
Year-to-date sales, before seasonal adjustment, were up 8.9% from the same ten month period a year ago.
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