US homebuilding activity picks up further in October, NAHB says

A closely-followed gauge of activity in US homebuilding continued to rise in October.

The National Association of Homebuilders Housing Market Index edged up from September's reading of 83.0 to 85.0.

Economists had penciled-in a reading of 83.0.

The sub-index for single family sales was also higher, improving from 88.0 to 90.0, while that for expectations six months ahead jumped from 85.0 to 88.0.

By regions, and in seasonally adjusted terms, the biggest increases were seen in a sub-index for the Northeast, which rose from 81.0 to 88.0, while that for the West improved from 88.0 to 95.0.