Home Sales Drop 8.1% To 283,000 Annual Rate

WASHINGTON — New home sales fell 8.1% in October to a seasonally adjusted annual rate of 283,000, the lowest level in three months, the Commerce Department reported Wednesday.

Sales for September were revised slightly higher to 308,000 from the 307,000 reported last month. Sales for August were revised down to 275,000 from 288,000, a record low for any month dating back to 1963.

Economists expected 310,000 sales for the month, according to the median estimate from Thomson Reuters.

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