The Commerce Department said Wednesday that sales of new homes rose 6.2 percent last month to the highest level in more than a year. The resale market is also strong. The National Association of Realtors® said Monday home resales rose 10 percent from September to October, the biggest monthly increase in a decade. Along with the tax credit, buyers are being attracted by low prices and mortgage rates. And rates on 30-year fixed-rate home mortgages averaged 4.78% this week, matching an all-time low in Freddie Mac’s weekly survey of conforming mortgage rates, released Wednesday. “If you’re looking for a sign that builders will need to start swinging their hammers again soon, this is it,” wrote Mike Larson, real estate analyst at Weiss Research.
