New-home sales volume and repeat sale prices continue to rise because of the strong economy, rebounding stock market, and continued low mortgage rates.

Total sales of single-family homes increased about 1%, to a seasonally adjusted rate of 851,000 for the month of October, according to the Department of Commerce.

This is the 14th month in a row that the sales rate has been above 800,000, a record, the Commerce Department said.

October's increase was attributed to an 11.2% increase in new-home sales in the West. Sales in the South fell 0.3%; in the Midwest, 5.4%; and in the Northeast, 11%.

Meanwhile, the national average home price rose 5% in the 12 months through Sept. 30, according to a recent Office of Federal Housing Enterprise Oversight report.

Home prices grew fastest in the Pacific region, the regulator reported.

By state, home prices grew fastest in California (8.5%), Massachusetts (7.4%), and Washington (7.0%).

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