U.S. new home sales edge up in October

Sales of new U.S. homes increased by 0.4 percent in October to an annualized pace of 745,000 units, according to data from the U.S. Census Bureau. That fell short of the rate of 800,000 projected by economists in a Bloomberg survey. September’s preliminary estimate was revised lower to a rate of 742,000. The median sales price soared by 18 percent from a year prior, setting a record of $407,700.