New home sales plummeted 11 percent in September amid sky-high mortgage rates ...Middle East

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New home sales plummeted 11 percent in September amid sky-high mortgage rates
New home sales fell rapidly September amid sky-high mortgage rates that are pushing buyers out of the once-hot housing market. Sales of new single-family homes in September fell by 10.9 percent to a seasonally adjusted annual rate of 603,000 units, according to data released by the Census Bureau on Wednesday. The median sales price of new houses sold last month was $470,600, while the average sales price was $517,700. The housing market has cooled significantly in recent weeks as the Federal Reserve’s ongoing fight with persistent inflation led to a series of baseline interest rate hikes over the summer. Trickle down effects of these rate increases have significantly affected

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