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October 25, 2018

New-home sales slump for 4th straight month

  • There is 7.1 months' supply of new homes on the market, the highest since March 2011.
  • By JOSH BOAK
    AP Economics Writer

    WASHINGTON — Sales of new U.S. homes plunged 5.5 percent in September, the fourth straight monthly drop as the housing market cools with mortgage rates rising.

    The Commerce Department said Wednesday that newly built homes sold at a seasonally adjusted annual rate of 553,000 last month. New-home sales in August were downwardly revised, erasing the previously reported gain. The annual rate of home sales has dropped 15.3 percent since May, eliminating much of the strength in sales from the first five months of 2018.


     
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