New home sales unexpectedly climb in October despite steep mortgage rates

Posted on AllSides November 27th, 2022
From The Right
AP Photo/Steven Senne, File / AP Newsroom

Sales of new U.S. homes unexpectedly jumped in October even as high home prices and mortgage rates not seen in over a decade have rapidly eroded affordability. 

New single-family home purchases rose 7.5% to a seasonally adjusted annual rate of 632,000 units, the Commerce Department reported Wednesday. Economists surveyed by Refinitiv expected new home sales — which account for a small percentage of total sales — to fall 5.5% last month.

On an annual basis, new home sales are still down 5.8%.

The median new house price climbed nearly 15.4%...

Read full story

Fox Business

AllSides Media Bias Rating: Lean Right
AllSides Media Bias Rating: Lean Right
You disagree.
Thank you! Community votes alone don't determine our ratings, but are valuable feedback and can prompt us to do more research.
111310/86417
See full bias rating for Fox Business
Learn about media bias
https://www.foxbusiness.com/economy/new-home-sales-unexpectedly-climb-despite-steep-mortgage-rates

More News about Housing and Homelessness from the Left, Center and Right

From the Left

From the Center

From the Right