Reported about 6 hours ago
In October, sales of new single-family homes fell dramatically by 17.3% to a seasonally adjusted annual rate of 610,000 units, the lowest level in almost two years. This decline was attributed to high mortgage rates and the impact of hurricanes on the housing market. Sales in the South experienced a staggering 28% drop, with the median sales price increasing to $437,300. Analysts anticipate a potential rebound as rebuilding efforts commence, but ongoing high borrowing costs pose a challenge for recovery.
Source: YAHOO