New Home Sales Up 25 Percent in October

More than expected

New home sales showed a substantial increase in the month of October, according to a report released by the Commerce Department on Wednesday, with the increase in sales more than offsetting the decrease seen in September.

The report said new home sales jumped 25.4 percent to a seasonally adjusted annual rate of 444,000 in October after sliding 6.6 percent to 354,000 in September. Economists had expected new home sales to come in at a rate of 425,000.