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US new-home sales slump for 4th straight month
Wednesday, Oct. 24, 2018 | 9:17 a.m.
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.
Builders had assumed that a stronger economy would push up sales, yet a greater share of new construction is going unpurchased. There is 7.1 months’ supply of new homes on the market, the highest level since March 2011 when the real estate bust caused by subprime mortgages was still weighing on the economy.
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