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Sales of new one-family houses in October 2005 shot up 13% over September's rate, according to the U.S. Census Bureau and Department of Housing and Urban Development. In a joint report released today, they announced new home sales for October were at a seasonally adjusted annual rate of 1,424,000 versus the revised September rate of 1,260,000. October 2005 also outperformed October 2004 by a wide margin, jumping 9.0 percent.

"Even though we're in a traditionally slower season for housing, interest rates and higher consumer confidence in the economy are providing steady stimulus for the housing market. It looks like housing is going to have a strong finish in 2005 and 2006 is poised to be another solid, albeit more moderate, year for housing," says Loans Chief Economist Bob Walters. Loans is the nation's largest online lender and will close $17 billion in volume in calendar year 2005.