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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%...

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