New residential home sales were up by 18 percent over the year, selling at an annual pace of 563,000—accounting for approximately 11 percent of all residential home sales during the month, according to the joint report from HUD and the Census Bureau.
The industry will find out how new home sales performed in November 2016 when HUD and Census Bureau release their latest data on Friday, December 23.
Ralph McLaughlin, Trulia’s chief economist, said that beyond the month-over-month totals of the October HUD/Census report, a less volatile number to look at is the 12-month rolling total, which is up 13 percent, year-over-year, and represents the best one-year span since August 2008.
“The 12-month rolling total of new homes sales was the best in over eight years and boosts sales to 85 percent of the 50-year norm,” McLaughlin said. “New homes are helping satisfy homebuyers constrained by low resale inventory, but sales have room to grow.”