New-Home Sales Fall 8.1% in October
Sales of newly built homes unexpectedly fell 8.1% in October to a seasonally adjusted annual rate of 283,000 the Commerce Department said Wednesday morning.
The figure came in below expectations for a rate of 314,000 after a rate of 307,000 in September.
The government report estimated that, at the current sales pace, there was an 8.6-month supply of new homes on the market at the end of October, up from a 7.9-month supply at the end of September. There were a total of 202,000 new homes available for purchase during October, the lowest level since June of 1968.