New Home Sales Surge 25.4 Percent in October

Biggest one-month surge since 1980.

In the biggest one-month surge since May 1980, new home sales enjoyed a 25.4 percent increase in October.

Sales of new single-family houses in October 2013 were at a seasonally adjusted annual rate of 444,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development.

This is 25.4 percent (±19.2%) above the revised September rate of 354,000 and is 21.6 percent (±15.6%) above the October 2012 estimate of 365,000.

The median sales price of new houses sold in October 2013 was $245,800; the average sales price was $321,700.

The seasonally adjusted estimate of new houses for sale at the end of October was 183,000. This represents a supply of 4.9 months at the current sales rate.