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New Home Sales Surge As Prices Plunge. Rates At 8%
New home sales exploded higher in September, data released on Wednesday in the US showed.
The 759,000 annual rate exceeded every estimate from the five-dozen economists who ventured a guess. The highest forecast was 750,000.
It was the briskest pace since the onset of the Fed's tightening campaign.
The MoM increase, 12.3%, was the largest in over a year. Sales rose in every region last month, including a 22.5% jump in the Northeast and a near 15% surge in the "affordable" South.
The big ga
My daughter just bought a house here in Kansas. Every one she looked at sold for over asking and most on the market less than 36 hours, hers less than 12.