Pursuits
New U.S. Home Sales at 10-Month Low as Mortgage Rates Rise
- Months’ supply of houses for sale at highest since Sept. 2015
- Mortgages had become most expensive in more than two years
This article is for subscribers only.
Purchases of new U.S. homes fell in December to a 10-month low, suggesting the post-election jump in mortgage rates pushed out potential buyers.
Single-family house sales dropped 10.4 percent, the most in almost two years, to a 536,000 annualized pace, Commerce Department data showed Thursday. The median forecast in a Bloomberg survey was for 588,000.