Sales Of New Homes Leap 10.7% To 495,000 Annual Rate

New home sales ran at an annual rate of 495,000 in October. That was up 10.7% for the month, the Commerce Department said Wednesday, and 4.9% higher compared to a year ago. September's pace, previously reported as 468,000, was revised down to 447,000. The median sales price dipped 8.5% to $281,500 from a recent high of $307,800. At the current sales pace, it would take 5.6 months to exhaust supply. That's down from 6.7 months' worth in September but above leaner levels of inventory notched throughout 2015. October sales were led by the Northeast, which saw sales surge 135.3%. Sales in that region are up 60% compared to a year ago. In October, only the West saw a decline, of 0.9%.