According to the U.S. Census Bureau, Sales of new single-family houses jump 10.7 percent in October, at a seasonally adjusted annual rate of 495,000 higher than September’s rate of 447,000, and 4.9 percent above the October 2014 rate of 472,000.


"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," said David Crowe, chief economist of the National Association of Home Builders, in a statement.


Regionally, new-home sales skyrocketed 135.3 percent in the Northeast. The Midwest and South reported increases of 5.3 percent and 8.9 percent, respectively. Sales dropped 0.9 percent in the West.


The median sales price of new houses sold in October was $281,500. The seasonally adjusted estimate of new homes for sale in October was 226,000, which represents a supply of 5.5 months at the current sales rate.