New Home Sales Dropped 5.5 % to 2 Year Low

New home sales plunged in September, falling 5.5 percent to an almost two-year low due to the pressures from rising interest.

The Commerce Department reported that sales for the month came in at 553,000 on seasonally adjusted basis. That's 5.5 percent below the downward revised August rate of 585,000 and a 13.2 percent tumble from the 637,000 reported for the same period a year ago. September represented the worst month since December 2016.

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