New home sales dipped 0.3% in October

By Jim Puzzanghera Los Angeles Times

WASHINGTON — New home sales dipped 0.3 percent 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.

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

The revised figure means new home sales increased just 0.8 percent 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 percent 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 percent from a year earlier.

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