(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.

U.S. Home Sales

(Photo: Bloomberg)

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