New home sales inched up last month. There were 307,000 new homes sold, at an annual rate, up from 303,000 in September.
With little new construction, the inventory of new homes remained at 162,000 — the lowest level on records going back to 1963.
At October’s sales pace, it would take a half year to exhaust that supply; in 2005, it would have taken less than two months.
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