New home sales appear to be benefiting from the recent easing in mortgage rates. Although sales were essentially unchanged in October at a 737K annual pace, robust improvements in both August and September lifted the pace of transactions near its highest level since May 2023. The South is responsible for the bulk of recent sales gains, where new home inventory is most plentiful following a post-pandemic construction boom. The Midwest also registered its second-fastest sales pace of the year in October. But not every region posted the same pickup in sales. In October, new home sales were essentially flat in the ... (full story)