Continuity mistake: Richie is wearing a green brown and white striped shirt when we first see him in the school. But moments later he's wearing a solid mint green shirt.
Other mistake: When Georgie is following the paper boat there is construction equipment on the road that he goes around, there is something burning there but it's pouring rain.
Suggested correction: Those are oil lamps, they can keep burning in extreme conditions, including rain.
Continuity mistake: Pay attention during Bill and Audra's bike ride. She starts out wearing hot pink shoes yet when going down one street they've suddenly turned black or brown. A shot later they're back to hot pink.
Factual error: The kids are leaving a movie theater that's playing I Was a Teenage Werewolf. This film was released in June of 1957. So one, they are in 1960 and this film would not still be playing. And two, they were shown still attending school, but they would not be attending school in June during summer break.
Suggested correction: Before the rise of home video, movies had much longer theatrical lives. It was not uncommon for a film like this to be shown as a Saturday matinee years after its initial release. I personally remember a local theater showing movies from the 60s well into the 70s.
Factual error: During the scene while Georgie is running with his boat, look at the grass, and you can see that there is a good amount of sunlight. This wouldn't make sense to have a lot of sunlight during a big rainstorm. It should have been darker due the shadow of the thunderclouds.