BSN - This Kaneohe home is photographed on Wednesday
Select an option below to continue reading this premium story.
Already a Honolulu Star-Advertiser subscriber? Log in now to continue reading.
U.S. home sales tick up 0.7 percent
WASHINGTON » Sales of new U.S. homes edged up modestly in October, led by a big jump in activity in the Midwest.
New home sales advanced 0.7 percent last month to a seasonally adjusted annual rate of 458,000, the Commerce Department reported Wednesday. The result followed a 0.4 percent gain in September and put sales at the highest point since May.
The strength last month stemmed from a big 15.8 percent increase in sales in the Midwest and a smaller 7.1 percent rise in the Northeast. Those increases offset a 1.9 percent fall in sales in the South, which accounts for half of the new-home market, and a 2.7 percent drop in the West.
The median price of a home sold in October was $305,000, up 16.5 percent from a year ago.
A separate report Wednesday showed that the number of Americans signing contracts to buy homes fell slightly in October. The National Association of Relators’ pending home sales index declined 1.1 percent to 104.1.
Market closed on Thanksgiving
The stock market was closed yesterday. It will reopen today.