US new home sales miss forecasts in October
New home sales in the US shrank by 1.9% month-on-month in October to reach an annualised pace of 563,000, according to the Department of Commerce.
Economists had anticipated a reading of 590,000.
Sales were weakest in the Midwest where they dropped by 13.7% and strongest in the West, where they rose by 8.8%.
In comparison to a year ago, new home sales grew by 17.8%.
The median home sales price decreased from $314,100 in September to $304,500 in October, while the average home price fell from $364,100 to $354,900.
The supply of new homes for sales was steady at the equivalent of 5.5 months' worth.