WASHINGTON — Sales of new homes fell 5.3% in October and were 40% below the levels of October 2007, the Commerce Department reported today.
There were 433,000 new homes sold, compared with 457,000 in September and 723,000 in October 2007. These figures are the lowest since 1991, when the country was mired in another economic downturn.
It was the second consecutive piece of bleak housing data this week. On Monday, the National Association of Realtors reported that existing home sales fell 3.1% last month.
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