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U.S. new home sales miss expectations for October, see big upside revision for September

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U.S. New Home Sales miss expectations for October, see big upside revision for September

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(Kitco News) Gold prices were largely unchanged after the U.S. new home sales came in below expectations in October as September data was significantly revised to the upside.

New home sales edged down 0.7% last month to a seasonally adjusted annualized rate of 733,000 homes, the U.S. Commerce Department said on Tuesday. September’s sales were revised to a rate of 738,000 units, the highest level since July 2007.

Market consensus called for sales to rise 1.1% to 709,000 units in October.

Gold prices were largely unchanged following the data with December Comex gold futures last trading at $1,454.50, down 0.16% on the day.

On an annual basis, new home sales were up 31.6% from last year’s estimate of 557,000 units.

Looking at home prices, the report said that the median sales price for homes sold last month was $316,700, while the average price was $383,300.

The inventory of houses for sale as of the end of October was at 322,000, representing a 5.3-month supply at current sales rate.

Live 24 hours gold chart [Kitco Inc.]

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