U.S. Sales of New Homes Falls in October 

(MENAFN - Saudi Press Agency) U.S. sales of new homes fell slightly in October, but sales remained about 20 percent higher than the same month last year, a government report showed Wednesday.

The Commerce Department said that new-home sales fell 0.3 percent in October to an annual rate of 368,000. The rate is down from the 369,000 pace in September.

Sales are still 20.4 percent higher than the same month last year. However, new-home sales are well below the annual rate of 700,000 that economists consider healthy.

Sales fell a sharp 32.3 percent in the Northeast, but the government said Hurricane Sandy had only a minimal effect on the housing data because it hit at the end of the month.

Sales of previously occupied homes are near five-year highs and builders are increasingly confident that economy will strengthen; building new homes and apartments last month at the fastest pace in more than four years.