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% m/m to 685k annualized pace (est. 627k), the highest since Oct. 2007, a revised 645k rate. Purchases in the South increased for a third month, to the fastest pace in 10 years Median sales price increased 3.3% y/y 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
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 percent surge in the Midwest, also climbed.