US new home sales rebounded more than expected in October to their strongest pace in more than a year, government data showed Wednesday, suggesting stabilization in the ailing sector.
The Commerce Department reported sales of new one-family homes rose to a seasonally adjusted annual rate of 430,000, or by 6.2 percent from September’s revised 405,000 rate.
Most analysts had forecast October sales of 404,000 new homes.
It was the first rise in two months, after declines of 2.4 percent in September and 1.0 percent in August, the data showed.
The October sales pace was the strongest since September 2008, when the collapse of Wall Street investment bank Lehman Brothers triggered a global financial firestorm.
Read Veronica Smith’s full article “US new home sales rebound in October” in the AFP (November 25, 2009).