October new-home sales drop off a cliff

Data from the U.S. Census Bureau and HUD shows a significant decline in new-home sales last month, with a 17.3% drop compared to September.

Despite a decline in new-home sales, the median sale price of a new home increased by 4.7%, now standing at $437,300.

Economists highlight the surge in mortgage rates and rising existing-home inventory as key factors contributing to the drop in new-home sales.

The South experienced a significant drop in new-home sales, down 27.7% month over month, marking the slowest rate since April 2020.

Read at www.housingwire.com