New home sales fell last month amid rising mortgage rates and adverse climatic conditions, according to data from the U.S. Census Bureau.
In October, 610,000 new single-family homes were sold—17.3 percent fewer than in the previous month—said a Nov. 26 statement from the agency. This is also down 9.4 percent compared to a year back and is the lowest level since November 2022.
Real estate marketplace Zillow attributed last month’s decline to an “unexpected uptick in mortgage rates from the September lows and also largely due to disruptions from hurricanes [Helene and Milton],” according to a Nov. 26 report.
Hurricane Helene made landfall on Florida’s Gulf Coast on Sept. 26 and brought widespread wind damage and flooding in parts of the Gulf Coast, western Florida, and North Carolina. Hurricane Milton made landfall at Siesta Key in Florida on Oct. 9, resulting in flooding and torrential rainfall in the state….