The number of new homes sold in the United States hit the highest level since May 2023 last month amid an easing of mortgage rates, according to the U.S. Census Bureau.
New home sales in September reached a seasonally adjusted rate of 738,000 units annually, up 4.1 percent from August and 6.3 percent from a year back, said an Oct. 24 statement from the agency. Property sales rose in the Northeast and South while declining in the Midwest on a monthly basis. In the West, growth was flat. The jump in new home sales came as mortgage rates dropped last month.
Between the week ending Aug. 29 and Sept. 26, the average mortgage rate for a 30-year fixed-rate mortgage declined from 6.35 to 6.08 percent, the lowest level in two years, according to data from Freddie Mac. Rates have since gone up to 6.54 percent for the week ending Oct. 24….