New U.S. home sales fell dramatically in October to the 18-year record lows, according to a new government report released this week. The Commerce Department report said that new home sales decreased 5.3 percent in October to a seasonally adjusted annual sales pace of 433,000 homes, which is the lowest level since January 1991. The median home sale prices dropped to the lowest level since 2004, the report said. The median price of a new home sold in October fell to $218,000, down 7 percent from 2007.
