New Home Sales Surge to Record High in October

Published on:
12 September 2006 at 10:20 a.m. ET

Written by: Unknown Author –

http://www.insidearm.com/news/00004126-new-home-sales-surge-to-record-high-in-oc/

By Greg Robb, MarketWatch

U.S. new home sales jumped by 13% in October to a record 1.42 million seasonally adjusted annual rate, the Commerce Department estimated Tuesday.

The sales figures seem to contradict anecdotal reports that the housing market has cooled dramatically as mortgage rates rise above 6%. But the government cautions that its housing data are extremely volatile and subject to large sampling and other statistical errors.

For this complete story, please visit New home sales surge to record high in Oct.