New home sales rise to highest pace in a decade

New home sales in the U.S. rose 6.2 percent month-to-month in October, marking the biggest uptick seen in a decade.

The number of single-family home sales jumped to 685,000 last month, according to the U.S. Census Bureau and Department of Housing and Urban Development in Washington. The increase represents the strongest pace since 2007, which had a 645,000 seasonally adjusted annualized pace, Bloomberg reported.

The median sales price also increased year-over-year by 3.3 percent to $312,800.

Last month’s stats were partially boosted by sales in the South, which is recovering from a series of hurricanes. Sales have increased in the South over the last three months. Many of the sales occurred at properties that are not yet under construction, which could signal a growth in residential construction. Last month, homes sold but not yet started rose to 247,000, up from 184,000 in September.
[Bloomberg] — Kathryn Brenzel