According to the U.S. Department of Housing and Urban Development and the U.S. Census Bureau, sales of newly built, single-family homes in the U.S. fell 1.9 percent in October 2016 from a downwardly revised September reading to a seasonally adjusted annual rate of 563,000 units.
"Though slightly down from last month, new home sales have been on an upward trend since last year," said Ed Brady, chairman of the National Association of Home Builders (NAHB) and a home builder and developer from Bloomington, Ill.
"Builders are adding to inventory based on consistent gains in sales, solid builder confidence and ongoing job and economic growth," said NAHB Chief Economist Robert Dietz.
The inventory of new home sales for sale was 246,000 in October, which is a 5.2-month supply at the current sales pace. The median sales price of new houses sold was $304,500.
Regionally, new home sales fell 9.1 percent in the Northeast, 13.7 percent in the Midwest and 3 percent in the South. Sales increased 8.8 percent in the West.