The slight improvement in sales reflects some consistent improvements in several other housing reports in the last month. Beginning with the NAHB/Wells Fargo Housing Market Index two month improvement by 6 points, there was also improvement in single-family housing starts and permits and a 1.6 percent improvement in existing single-family home sales in October.

Median new home sales prices increased 4 percent from October 2010, which is more likely an indication of the composition of homes sold rather than actual price increases for similar homes. NAHB surveys indicate some rise in repeat buyer activity, which would show up as larger more expensive homes being sold rather than a general rise in house prices.

- Courtesy of NAHB