U.S. new home sales climb to highest level in a year, led by the South

New homes sales surged 6.2% in October to a seasonally adjusted annual rate of 430,000, the U.S. Commerce Department announced Wednesday, as buyers rushed to take advantage of what many believed would be the end of the $8,000 tax credit for first-time home buyers on October 30.

However, Congress has since extended the first-time home buyer credit through April 30, 2010.