Sales of new homes recovered in October after suffering a steep drop in September, returning to this year's trend of an improving market for real estate developers and builders.
The Commerce Department said Wednesday that new-home sales climbed 10.7 percent last month to a seasonally adjusted annual rate of 495,000. This rebound followed a 12.9 percent plunge in the sales rate during September.
Americans recovered much of their appetite for owning new homes this year. Purchases have surged 15.7 percent year-to-date, benefiting from the solid hiring gains and low mortgage rates.
"We still see new homes sales consistent with a moderate and sustained recovery in the...