According to The U.S. Census Bureau and the Department of Housing and Urban Development, sales of new single-family homes fell 8.1 percent in October. Though economists expected an increase, sales fell from September’s revised rate, putting them 28.5 percent below last year’s levels. The median sales price of new houses sold in October was $194,900; the average price was $248,200. There were an estimated 202,000 new homes listed for sale at the end of October. At the current sales pace, that represents a supply of 8.6 months. More here and here.