US New-Home Sales Fall as High Mortgage Rates Weigh on Demand
- Purchases declined in October following downward revision
- Drop was concentrated in the Midwest and West regions
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US sales of new houses fell in October after a downward revision to the prior month as decades-high mortgage rates weighed on demand.
Purchases of new single-family homes decreased 5.6% to a 679,000 annualized pace last month, government data showed Monday. The pace missed all estimates in a Bloomberg survey of economists.