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%...
