By Ruth Mantell
WASHINGTON (MarketWatch) -- Sales of new single-family homes fell 8.1% in October to a seasonally adjusted annual rate of 283,000, according to data released Wednesday by the Census Bureau and the Department of Housing and Urban Development. Economists polled by MarketWatch had expected an annual rate of 310,000. The government estimated that there was an 8.6-month supply of homes at the current sales rate. The median sales price fell a record 14%, hitting $194,900 in October, the lowest level since 2003. Sales fell in most regions, declining 23.9% in the West, 20.4% in the Midwest and 12.1% in the Northeast. In the South sales gained 3.1%.
