New Home Sales Fall Below Rate of 300,000

Washington, DC, Nov. 23, 2010 -- Sales of new single-family homes fell 8.1% in October to a seasonally adjusted annual rate of 283,000, according to the Census Bureau and the Department of Housing and Urban Development.

Economists had expected an annual rate of 310,000. The government estimated that there was an 8.6-month supply of homes at the current sales rate.

The median sales price fell a record 14%, hitting $194,900 in October, the lowest level since 2003. Sales fell in most regions.