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U.S. new home sales saw a surprising growth of 7.5% in October
Posted on November 28, 2022 |
- During the pandemic, sales surged but in 2022, the sector cooled with the central bank increasing the benchmark lending rate multiple times to ease demand and slow down inflation.
- However, in October, sales of new single-family houses grew by 7.5% to a seasonally adjusted annual rate of 632,000, and the average sales price for a new home rose to $493,000 as well, up from September's revised figure of $455,700.
- In October, the sales pace stayed below compared to the same period in 2021 and the existing home sales market dropped for a record nine consecutive months.