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Economics

US New-Home Sales Unexpectedly Rise, Driven by Demand in South

  • Purchases climbed 7.5% in October to a 632,000 annual pace
  • Sales rebounded 16% in the South after sharp September slide
New homes under construction in Atlanta.

New homes under construction in Atlanta.

Photographer: Elijah Nouvelage/Bloomberg
Updated on

Sales of new US homes unexpectedly rose in October, largely driven by an increase in the South and likely representing a pause in an otherwise weak housing market.

Purchases of new single-family homes increased 7.5% to an annualized 632,000 pace last month after falling in September, government data showed Wednesday. The median estimate in a Bloomberg survey of economists called for a 570,000 rate.