27 November 2023
New home sales in the U.S. housing market fell more than expected in October, dropping 5.6% month-over-month. This decline comes amidst the lowest housing affordability since the early 1980s and a significant fall in home-purchase applications. The median new home price also decreased by 17.6% year-over-year. This trend raises concerns about Federal Reserve policies impacting housing affordability and the middle class’s wealth.