Australia new home sales rise for second consecutive month in October

New home sales in Australia rose for the second straight month during the period of October, offering signs of stability in a market that has cooled this year.

Australia’s new home sales rose 2.7 percent in October, following a 6.1 percent gain in September, data released by the Housing Industry Association (HIA) showed Friday. The monthly gauge is considered highly volatile and is prone to large fluctuations.

Earlier this month, the federal statistics bureau said home loans declined in August for a second straight month in August, while residential lending increased at a much slower rate.

Meanwhile, the industry group has projected a sharp deceleration in construction projects heading into next year, which could lead to further declines for at least two years.