New home sales surged 18.9% in September to the highest level in 10 years. This was a nice recovery after unexpectedly falling 3.4% in August.
Pending home sales were flat in September though, as demand continued to exceed supply. There are some concerns that winter will further reduce inventory.
Mortgage applications for home purchases were down last week. Economists say rates likely had less to do with the drop than the shortage of homes for sale.
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