(Bloomberg) — U.S. purchases of new homes unexpectedly advanced in broad fashion last month, reaching the strongest pace in a decade and offering an encouraging signal for residential construction, according to government data released Monday.
|Highlights of New-Home Sales (October)
Single-family home sales rose 6.2% month-to-month to 685,000 annualized pace (est. 627,000), the highest since Oct. 2007. A revised 645,000 rate purchases in the South increased for a third month, to the fastest pace in 10 years. Median sales price increased 3.3% year-over-year to $312,800. Supply of homes at current sales rate fell to 4.9 months, the smallest since July 2016, from 5.2 months. 282,000 new houses were on market at end of October.
(Photo: Bloomberg)
|Key Takeaways
The report showed the U.S. South region continued to recover from a pair of hurricanes. Purchases in other areas of the country, including a 17.9% surge in the Midwest, also climbed.
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