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New home sales in the United States drop to their lowest level in two years, reflecting a 17% decline in October compared to September. Government data reveals that the annualized rate of new single-family home sales now stands at 610,000 units, marking a significant slowdown in the housing market. Analysts attribute the plunge to a combination of factors, including the aftermath of recent hurricanes in the southern states and broader economic challenges.
The severe weather events in the South disrupted construction timelines and slowed housing inventory replenishment, particularly in regions hit hardest by the hurricanes. Builders face material. . .
