U.S. New-Home Sales Tumble to Lowest in Almost Two Years

U.S. purchases of new homes fell more than estimated in September to the weakest pace since December 2016, adding to signs that a lack of affordability is crimping demand, according to government data Wednesday.

The results fell below all forecasts in Bloomberg’s survey of economists and showed downward revisions for the prior three months, signaling that the market ended the quarter on a weak note.