US New-Home Sales Slump to Two-Year Low After Storms in South
- Sales in South fell 28% in October to slowest pace since 2020
- Rising mortgage rates and high prices also dragged down sales
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Sales of new homes in the US slumped in October to the lowest in almost two years, as two hurricanes hit the South and affordability challenges continued to weigh on buyers.
New single-family home sales decreased 17% last month to a 610,000 annualized rate, according to government data issued Tuesday. The median estimate of economists surveyed by Bloomberg called for 725,000.