Monthly sales of U.S. homes dropped 1.9% from September, according to a news release by the U.S. Housing and Urban Development (HUD). However, sales were 17.8% higher than October 2015.
Sales of new single-family houses in October 2016 were at a seasonally adjusted annual rate of 563,000, which is 1.9% below the revised September rate of 574,000, but is 17.8% above the October 2015 estimate of 478,000.
The median sales price of new houses sold in October 2016 was $304,500; the average sales price was $354,900.
Regionally, new home sales fell 9.1% in the Northeast, 13.7% in the Midwest and 3% in the South. Sales increased 8.8% in the West.