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. Sales in the South rebounded after a sharp retreat a month earlier when Hurricane Ian slammed into Florida and parts of Georgia and South Carolina. The October pace in the South was still slower than in August. Even with ... (full story)