New home sales mostly unchanged in October

Sales of new homes remained steady in October at a seasonally adjusted rate of 999,000 units

CHARLOTTE, N.C. — Sales of new homes remained steady in October to a seasonally adjusted rate of 999,000 units.

While the Commerce Department said October new home sales were down 0.3% from September, the government revised up its September marginally. In all, the figures did not change much from the previous month, a sign that sales of new homes is remaining steady despite the home-buying season now entering the fall.

Sales of new homes are up 41.5% from the same period a year earlier, reflecting record low mortgage rates and a pandemic-induced push to the suburbs has made the housing market a bright spot despite the recession.

The median price of a new home sold was $330,600, the report said.