Fewer New U.S. Homes Sold in October Than Economists Forecast

New homes in the U.S. sold at a slower pace than forecast in October as builders focused on meeting demand at the upper end of the market.

Purchases climbed 0.7 percent to a 458,000 annualized pace from a revised 455,000 rate in September that was lower than initially reported, data from the Commerce Department showed today in Washington. The median forecast of 73 economists surveyed by Bloomberg News called for the pace to accelerate to 471,000. The median price of a home surged to a record.