New home sales in the U.S. showed a substantial decrease from an upwardly revised level in the month of October, according to a report released by the Commerce Department on Wednesday.
The Commerce Department said new home sales plummeted by 8.9 percent to an annual rate of 544,000 in October from an upwardly revised rate of 597,000 in September.
Economists had expected new home sales to rise to a rate of 575,000 from the 553,000 originally reported for the previous month.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.