New home sales rise in October

[Washington] Sales of newly built, single-family homes rose 10.7 percent to a seasonally adjusted annual rate of 495,000 units in October, according to newly released data from HUD and the U.S. Census Bureau.

"Sales this year are running 15.7 percent ahead of 2014," said NAHB chief economist David Crowe. "With a firming job market, affordable home prices, and rising pent-up demand, today's report is another indicator that the housing market continues to move on a modest upward trajectory."

Tom Woods, chairman of the National Association of Home Builders (NAHB) and a home builder from Blue Springs, Mo said, "our builders are reporting continued optimism in the housing market, and are adding inventory in anticipation of future business."