New Home Sales Rate Reaches Record Rate in October

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.S. new home sales rose to a record rate in October, the Commerce Department reported Tuesday.

The increase to a 1.424 million annual rate followed a revised September level of 1.26 million, Commerce said.

The record rate exceeded economists’ forecasts of a 1.12 million to 1.28 million range, Bloomberg reported.

ising home sales can mean more business for flatbed trucking companies that haul building materials and dry van freight that haul household appliances and furniture.

New home sales rose in three of four regions, gaining 47% in the West, 43% in the Northeast, 1.9% in the South and falling 9.5% in the Midwest.

ew home sales account for about 15% of U.S. residential real estate sales.