WASHINGTON (AP) - U.S. sales of new homes edged up 0.4% last month, coming in below expectations as housing prices continued to climb.
The Commerce Department reported Wednesday that sales of new single-family homes rose to a seasonally adjusted annual rate of 745,000 last month from 742,000 in September.
Economists had expected October new home sales to come in at a 795,000 annual pace. And the September sales rate was revised sharply lower from 800,000 in Commerce’s original report.
New home sales were down 23% from a year earlier.
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