US new home sales drop in October, but remain 41.5% higher than a year ago

<p>Sales of newly built single-family homes took place at a seasonally adjusted annual rate of 999,000 in October, the government reported on Wednesday. This was 0.3% below the revised rate of 1,002,000 in September. Analysts polled by MarketWatch had predicted that new home sales would occur at a seasonally adjusted annual rate of 980,000. Newly built homes continue to sell at a very strong pace, with October figures of 41.5% higher high year-over-year, and the September revision points to two consecutive months of over a million sales, a feat not seen from the peak in real estate. bubble in 2006.