US new home sales plunge in October, lowest since March 2016

[WASHINGTON] US new home sales plunged in October, falling to the lowest level since March 2016 with declines in every region of the country, the government reported Wednesday.

While the hurricane-ravaged South saw a big decline, the weakness was most pronounced in the Northeast and Midwest which saw double-digit drops, according to the Commerce Department data.

Sales of new single-family homes fell just under nine percent compared to September, sinking to an annual rate of 544,000, seasonally adjusted.

AFP