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BUSINESS
U.S. Department of Commerce

New home sales muster small gain in October

Doug Carroll
USA TODAY
A real estate consultant from Re/Max Advance Realty shows a new home to a prospective buyer in Miami.

Sales of new single-family homes rose less than economists expected last month, continuing a year-long trend of disappointing results.

October sales reached a seasonally adjusted annual rate of 458,000, up 0.7% from September's revised level, the Commerce Department said Wednesday.

Economists had forecast a pace of 470,000, which would have been the year's highest level.

With October's report, sales for the year are up a scant 1% from the same period a year ago. And that's on the strength of a 4.6% annual increase for sales in the South. Sales are behind a year ago in the Northeast, Midwest and the West.

In a separate report Wednesday, the National Association of Realtors said its Pending Home Sales Index declined in October by 1.1% to a level of 104.1.

The index is a gauge of future months' home sales based on contract signings and readings above 100 are considered an average level of contact activity. It has been above 100 for six straight months.

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