US New Home Sales Crash to Lowest Level in Nearly 2 Years

Builders are showing ‘increasing confidence’ that the incoming administration will provide regulatory relief, which will boost new construction activities.

A home advertised for sale in a residential neighborhood in San Jose, Calif., on Aug. 15, 2024. Loren Elliott/Getty Images

New home sales fell last month amid rising mortgage rates and adverse climatic conditions, according to data from the U.S. Census Bureau.

In October, 610,000 new single-family homes were sold—17.3 percent fewer than in the previous month—said a Nov. 26 statement from the agency. This is also down 9.4 percent compared to a year back and is the lowest level since November 2022.