MNI DATA ANALYSIS: US Oct Home Sales +6.2%, 685k SAAR>

--Oct Home Sales Highest Level Since Oct 2007

--Oct Months' Supply -5.8% To 4.9 Months vs 5.2 Months In Sept  

--New Homes Supply +1.4% At 282,000  

By Sara Haire and Holly Stokes

     WASHINGTON (MNI) - The pace of new single-family home sales 

increased by 6.2%, following the downward revision to the sales pace in 

September and an upward revision to August data, data released by the 

Commerce Department Monday showed. 

     The sales pace came in well above expectations of 629,000, based on 

an MNI survey of economists. The difference between the expected and the 

actual was 56,000.  

     The supply of new homes for sale rose 1.4% to 282,000 in October. 

Based on the movements in sales and supply in October, the months' 

supply fell 5.8% to 4.9 months from 5.2 months in September, falling 

below the 5.2 months supply a year ago. 

     With the supply of homes rising, the median sales price of new 

homes saw a fall of 3.7% to $312,800 in October, but was up 3.3% from 

October 2016. 

     Sales rose by 30.2% in the Northeast to 56,000, the highest level 

since October 2007. Sales rose by 1.3% in the large South region, also 

the highest level since October 2007. Sales were also up 6.4% in the 

West region and 17.9% in the Midwest. 

     New home sales in September were revised down to a 645,000 rate 

from the 667,000 rate previously reported, while August sales were 

revised up to a 565,000 rate from the 561,000 pace previously 

reported.  

     Year-to-date sales, before seasonal adjustment, were up 8.9% from 

the same ten month period a year ago. 

             ** MNI Washington Bureau (202) 371-2121 ** 

[TOPICS: MAUDS$,MT$$$$,M$U$$$,MAUDR$]