New home sales stagnant, casts shadow on housing

(Reuters) - New single-family home sales fell slightly in October and the prior month's pace of sales was revised sharply lower, 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 September's sales rate to 369,000 from 389,000.

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