Home sales in the US have registered a minor increase in October. (Associated Press)
Washington:
Sales of new US homes edged up modestly in October, led by a big jump in activity in the Midwest.
The Commerce Department says new home sales advanced 0.7 per cent last month to a seasonally adjusted annual rate of 458,000. That followed a smaller 0.4 per cent gain in September and put sales at the highest point since May.
The strength last month came from a big 15.8 per cent increase in sales in the Midwest and a smaller 7.1 per cent rise in the Northeast. Those increases offset a 1.9 per cent fall in sales in the South, which accounts for half of the new-home market, and a 2.7 per cent drop in the West.
Housing has struggled to recover since the recession ended in June 2009.
The Commerce Department says new home sales advanced 0.7 per cent last month to a seasonally adjusted annual rate of 458,000. That followed a smaller 0.4 per cent gain in September and put sales at the highest point since May.
The strength last month came from a big 15.8 per cent increase in sales in the Midwest and a smaller 7.1 per cent rise in the Northeast. Those increases offset a 1.9 per cent fall in sales in the South, which accounts for half of the new-home market, and a 2.7 per cent drop in the West.
Housing has struggled to recover since the recession ended in June 2009.
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