US new home sales dip in Oct; Sept figures revised higher

Washington

SALES of new US single-family homes fell in October, though they remained at higher levels amid record-low mortgage rates and demand for more space as the Covid-19 pandemic drags on.

New home sales dipped 0.3 per cent to a seasonally adjusted annual rate of 999,000 units last month, the Commerce Department said on Wednesday. September's sales pace was revised higher to 1.002 million units from the previously reported 959,000 units.