U.S. New-Home Sales Unexpectedly Rise, Driven by Demand in South

New home sales rose, climbing 7.5% in purchases.

According to Bloomberg, 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.

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