Nov. 29, 2006 -- New-home sales fell 3.2 percent in October to a seasonally adjusted rate of 1.004 million per year, the Commerce Department reported on Wednesday.

In the past year new-home sales have fallen 25.4 percent, while median prices rose 2 percent to $248,500, the report said.

In October, 558,000 new homes were left on the market, a decline of 0.7 percent from the previous month and representing a 7-month supply at the current sales pace, the report said. 

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