New Home Sales Post Biggest Gains Since May

Sales of new homes in the U.S. rose 1.3 percent this past month, marking a positive sign for the greater real estate market. According to the U.S. Commercer Department, this is the biggest gain in the past six months. New construction is a needed component to the real estate recovery, as inventories nationwide have dipped significantly in the past year.

New home sales were up significantly in the West, with a 14.9 percent increase intotal sales for October. With a 6-month supply of homes available nationwide, and much less in parts of the Seattle market, home builders are encouraged by the recent statistics.