New single single-family home sales dropped 1.9% in October from a downwardly revised September reading to a seasonally adjusted annual rate of 563,000 units, according to the latest report from the National Association of Home Builders (NAHB).

There were approximately 246,000 new homes for sale in October, which equates to a 5.2-month supply at the current sales pace. The median sales price of new houses sold was $304,500, according to the NAHB.

Regionally, new home sales fell 9.1 percent in the Northeast, 13.7 percent in the Midwest and 3 percent in the South. Sales increased 8.8 percent in the West.

“Though slightly down from last month, new home sales have been on an upward trend since last year,” said Ed Brady, chairman of the National Association of Home Builders (NAHB) and a home builder and developer from Bloomington, Ill.

“Builders are adding to inventory based on consistent gains in sales, solid builder confidence and ongoing job and economic growth,” said NAHB Chief Economist Robert Dietz.

New homes sales data is based on the U.S. Department of Housing and Urban Development and the U.S. Census Bureau reports.

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