New Home Sales Fall 5.3% in September

New home sales fell 5.3% in October to a 17-year low, the Commerce Department said Wednesday.

Sales fell to an annual pace of 433,000, from a revised 457,000 in September, Commerce said.

Economists forecast a drop to a pace of 441,000, Bloomberg reported.

Rising home sales can mean more business for flatbed trucking companies that haul building materials and dry van freight carriers that haul household appliances and furniture.

New home sales account for about 15% of residential real estate sales.