US new home sales rise unexpectedly in October

New home sales picked up expectedly last month.

According to the US Department of Commerce, in seasonally adjusted terms, the annual pace of new home sales jumped at a month-on-month pace of 7.5% in October to reach 632,000.

Economists had forecast a decline to 576,000.

The prior month's reading was revised lower however, from 603,000 to 588,000.

In parallel, the supply of homes available for sale fell from 9.4 months' worth of sales to 8.9.

The median sales price meanwhile increased from $455,700 one month before to $493,900, while the average sales price jumped from $516,000 to $544,000.

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