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October 2, 2023

Sky-high rates send new home sales tumbling

  • High rates can add hundreds of dollars a month in costs for borrowers, limiting how much they can afford.
    AP Business Writer

    LOS ANGELES — Sales of new U.S. homes hit a five-month low in August as sky-high mortgage rates continue to strain prospective homebuyers' ability to afford a dwelling.

    The pace slowed 8.7% in August from the previous month to a seasonally adjusted annual rate of 675,000 properties, the Department of Commerce reported last week. Economists polled by FactSet had expected the annual pace to reach 700,000 homes.

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