New home sales fall to slowest pace since 1991 - WKOW 27: Madison, WI Breaking News, Weather and Sports

New home sales fall to slowest pace since 1991

WASHINGTON (AP) -- Sales of new homes fell in October to the lowest point in nearly 18 years while the median price of a new home dropped to the lowest level since 2004.

  The Commerce Department says new home sales decreased 5.3 percent last month to a seasonally adjusted annual sales pace of 433,000 homes, the lowest level since January 1991, another period when the country was undergoing a steep housing downturn.

  The median price of a new home sold in October fell to $218,000, down 7 percent from a year ago.

  It was the lowest median sales price since September 2004.

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