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Economic Report: New-home sales fall to a nearly 3-year low; inventory surges as housing-market outlook darkens

Bloomberg News/Landov
A contractor works on a town house under construction at a PulteGroup development in California.

The numbers: New-home sales ran at a seasonally adjusted annual 544,000 rate in October, the Commerce Department said Wednesday.

What happened: October’s selling pace for new single-family homes was 8.9% lower than September’s, although that report was revised upward. It badly missed the MarketWatch consensus forecast of a 589,000 pace, and was 12% lower than year-ago levels.

The median sales price in October was $309,700, 3.1% lower than a year earlier. At the current pace of sales, it would take 7.4 months to exhaust available supply.

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