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New home sales dipped 0.3% in October

The October data on new home sales came in below analyst expectations, but the monthly figures can be volatile.
(Gregory Bull / Associated Press)

WASHINGTON -- New home sales dipped 0.3% in October and the government revised down its figures for September in a report that threw some cold water on the recent signs of a strong housing rebound.

New single-family homes sold last month at a seasonally adjusted annual rate of 368,000, down from a revised 369,000 rate in September, the Commerce Department said Wednesday.

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The September figure was lowered from the initial 389,000 rate, which had represented a 5.7% jump from August and the highest rate since April 2010.

The revised figure means new home sales increased just 0.8% in September.

The October data came in below analyst expectations, but the monthly figures can be volatile. The overall trends are still positive, and new homes sales last month were up 17.2% from a year earlier.

The median sales price also dropped last month, to $237,700 from $248,000 in September. The October sales price was up 5.7% from a year earlier.

Supply also increased last month. There was a 4.8 months supply of new homes in October, compared to a 4.7 month supply in September.

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