US new home sales fall a tad less than expected in September

According to the Department of Commerce, new home sales fell at a seasonally adjusted pace of 10.9% month-on-month in September to reach an annualised pace of 603,000.

Economists had penciled in a reading of 580,000.

The miss was mostly offset by a downward revision to the prior month's estimate of 685,000, which was marked down to 677,000.

The median sales price on the other hand jumped from $435,800 in August to $470,600 in September.

In terms of months' worth of sales, the supply of homes available to be sold increased from 8.6 months to 9.5 months.