October new home sales drop 8.1 pct., prices fall

WASHINGTON - November 24, 2010

The Commerce Department reports that sales of new single-family homes declined 8.1 percent to a seasonally adjusted annual rate of 283,000 units in October. That was just 2.9 percent above the all-time low of 275,000 units hit in August for government records that go back to 1963.

The median price of a home sold in October dipped to $194,900, the lowest level since October 2003.

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