New Home Sales Edge Down, Prior Estimate Revised Lower
WASHINGTON | Wed Nov 28, 2012 10:11am EST
(Reuters) - New single-family home sales fell slightly in October and the government revised sharply lower its estimate for the prior month's sales, casting a small shadow over what has been one of the brighter spots in the U.S. economy.
The Commerce Department said on Wednesday sales dropped 0.3 percent last month to a seasonally adjusted 368,000-unit annual rate.
Government data for new home sales are subject to substantial revisions. Indeed, the Commerce Department cut its estimate for sales in September by 20,000 to a 369,000-unit rate.
The data leaves the pace of new home sales just below the pace reported in May, suggesting little upward momentum in the market for new homes.