CNBC: US new home sales plunged 8.9% in October

© Agung Budiawan

CNBC reports: “Sales of new U.S. homes plummeted 8.9 percent in October, as the number of newly built, unsold homes sitting on the market climbed to its highest level since 2009. The Commerce Department says that new homes sold at a seasonally adjusted annual rate of 544,000 last month. New-home sales have declined in four of the past five months. Over the past 12 months, sales of new homes have dropped 12 percent as higher mortgage rates have caused would-be buyers to back away.”