Data from Census and HUD reported new home sales experienced a 10.7 percent increase from the revised September, the National Association of Home Builders reports.
The West was the only region to see a decline, though it was an insignificant 0.9 percent. Inventory increased 1.3 percent to 226,000, which the NAHB reports is the highest level since March 2010.
“At the current sales pace, the inventory would be sold off in 5.5 months,” the NAHB reports.
Sign-up for Pro Builder Newsletters
Get all of the latest news and updates.