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Associated Press

US new homes sales rise 0.4% in October as prices climb

U.S. sales of new homes edged up 0.4% last month, coming in below expectations as housing prices continued to climb. The Commerce Department reported Wednesday that sales of new single-family homes rose to a seasonally adjusted annual rate of 745,000 last month from 742,000 in September. The median price of a new home, the point where half the homes sold for more and half for less, rose to a record $407,700 last month, up nearly 18% from a year earlier.

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