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New home sales in the US dropped in October from the prior month, but came in well above levels in the year-ago period, according to US government data released Tuesday.

Sales came in at a seasonally-adjusted annual rate of 733,000 last month, 0.7 percent below the September level, according to US Census data.

But compared with October 2018, the rate rose 31.6 percent, according to the data.

The median price rose to $316,000, up from the September price.

With 322,000 new homes on the market, there are about 5.3 months of supply at current rates.

US home sales peaked in July 2005 at the top of the housing bubble at more than 1.3 million sales.

They reached a low point in February 2011 of 270,000 amid the subprime crisis.