Sales of new single-family homes, bolstered by favorable mortgage rates and solid house-price gains, are expected to top 1 million units this year even though the seasonally adjusted sales rate dipped slightly in October, according to the National Association of Home Builders (NAHB). The Commerce Department reported a seasonally adjusted annual rate of 1.105 million units, down 3.5 percent from September’s revised rate.

“New-home sales are continuing well in excess of last year’s previous record pace,” said Kent Conine, president of NAHB and a home and apartment builder in Dallas. “While we experienced a slight slowdown last month, financing conditions remain extremely favorable across all segments of the market and we remain on course to establish a new sales record for single-family homes for 2003.”

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