The purchase of new homes fell last month as mortgage rates surged and sapped demand, the latest data from the U.S. Census Bureau show.
“Sales of new single-family houses in September 2022 were at a seasonally adjusted annual rate of 603,000 … This is 10.9 percent below the revised August rate of 677,000 and is 17.6 percent below the September 2021 estimate of 732,000,” states a press release on Oct. 26. There were an estimated 462,000 houses for sale at the end of September, representing a supply of homes for 9.2 months as per the ongoing sales rate.
The sale of new homes rose by 25.8 percent in the Northeast and 10.6 percent in the Midwest when compared to a year ago. However, home sales dipped by 19.3 percent in the South and by 30.4 percent in the West….