In October, builders procured 5.9 percent more permits than in September, according to new Census Bureau and U.S. Department of Housing and Urban Development data. Permits for single family homes were up 1.9 percent.
"Overall, the total activity for the country is moving in the right path," Lawrence Yun, chief economist of National Association of Realtors, said in a statement. "More supply will boost future home sales." Housing starts increased in October as well, up to 13.7 percent overall from September, per Realtor.com. For single family homes, housing starts rose 5.3 percent.
The median price of a new home was $319,700 in September, according to the latest available government data. That's 30.4 percent more than the median price of an existing home, at $245,100, in September, according to the most recent National Association of Realtors data.
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