The U.S. Commerce Department released new home sales data on Wednesday. New home sales climbed 0.7% to a seasonally adjusted annual rate of 458,000 units in October from 455,000 units in September.

September's figure was revised down from 467,000 units.

Analysts had expected new home sales to reach 471,000 units.

The slow wage growth weighs on the housing market.

The median home sales price in October jumped 15.4% to $305,000.