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
See full bias rating for Fox Business
Learn about media bias

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

From the Left

From the Center

From the Right