US New Home Sales Fall to Lowest Level Since Late 2022

October saw a sharp 17.3% drop in new home sales as rising mortgage rates and economic uncertainty weighed on the housing market.

Sales of new single-family homes in the U.S. declined to a seasonally adjusted annual rate of 610,000 in October, the lowest since December 2022.
The 17.3% monthly drop follows a stronger-than-expected September figure of 738,000, with analysts forecasting a smaller decrease to 718,000.
The average 30-year fixed mortgage rate rose to 6.72% by the end of October, reversing earlier declines and further impacting affordability for potential buyers.
Regional variations showed steep declines in the South (27.7%) and West (9.0%), while the Northeast saw a significant 53.3% increase in sales.
The median price of a new home rose to $437,300 in October, up 4.7% year-on-year, as inventory levels climbed to their highest since early 2008.