U.S. new home sales saw a surprising growth of 7.5% in October

During the pandemic, sales surged but in 2022, the sector cooled with the central bank increasing the benchmark lending rate multiple times to ease demand and slow down inflation.
However, in October, sales of new single-family houses grew by 7.5% to a seasonally adjusted annual rate of 632,000, and the average sales price for a new home rose to $493,000 as well, up from September's revised figure of $455,700.
In October, the sales pace stayed below compared to the same period in 2021 and the existing home sales market dropped for a record nine consecutive months.

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