US New Home Sales Jump to 19-Month High in September as Prices Fall
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New home sales in the US jumped to a 19-month high in September as median house prices fell 12.3% from a year ago.
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Sales were boosted by discounts and incentives offered by builders to attract buyers amid high mortgage rates.
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The bulk of homes sold were priced between $150,000-$499,999, while higher priced homes also saw gains.
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Builders are cutting prices and shrinking floorplans to boost affordability as rates near 8%, which could curb demand.
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New home sales rose in most regions, especially the Northeast and South, indicating widespread strength.
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