Sales of new homes fell short of expectations in October as mortgage rates hovered near 8 percent amid wider stresses in the U.S. housing market. New single‐family homes sales came in at a seasonally adjusted annual rate of 679,000, compared to a predicted 725,000, according to data released Monday by the Census Bureau and the Department of Housing and Urban Development (HUD). The numbers for October were 5.6 percent lower than for September but 17.7 percent higher than last year. That’s off a recent high of more than 1 million homes sold in October of 2020. The median sales price for a new house was $409,300, and the average price was $487,000, the Census Bureau reported. The
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