{"id":7365,"date":"2023-11-28T15:02:00","date_gmt":"2023-11-28T16:02:00","guid":{"rendered":"https:\/\/wifamily.news\/?p=7365"},"modified":"2023-11-28T16:57:14","modified_gmt":"2023-11-28T16:57:14","slug":"new-home-sales-in-october-drop-more-than-expected","status":"publish","type":"post","link":"https:\/\/wifamily.news\/?p=7365","title":{"rendered":"New Home Sales in October Drop More Than Expected"},"content":{"rendered":"<p>This post originally appeared at <a href=\"https:\/\/www.wisconsinrightnow.com\/new-home-sales-in-october-drop-more-than-expected\/\">https:\/\/www.wisconsinrightnow.com\/new-home-sales-in-october-drop-more-than-expected\/<\/a><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" width=\"733\" height=\"474\" src=\"https:\/\/wifamily.news\/wp-content\/uploads\/2023\/11\/Washington-County-Homes-with-Pole-Building.jpg\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"Washington County Homes with Pole Building\" title=\"New Home Sales\" \/><\/p>\n<p>New home sales in the U.S. dropped last month as mortgage rates have soared.<\/p>\n<p>According to the U.S. Census Bureau, new home sales fell 5.6% in October, more than expected.<\/p>\n<p>\u201cThe median sales price of new houses sold in October 2023 was $409,300,\u201d the Bureau said in its announcement. \u201cThe average sales price was $487,000.\u201d<\/p>\n<p>According to the <a href=\"https:\/\/fred.stlouisfed.org\/series\/MORTGAGE30US\" target=\"_blank\" rel=\"noopener\">Federal Reserve Bank<\/a> of St. Louis, the average 30-year fixed mortgage rate in the U.S. in October rose to nearly 8% before dipping closer to 7% in November. About this time in 2021, the average rate was around 3%.<\/p>\n<p>That interest rate spike has been fueled in large part by the U.S. Federal Reserve, which has hiked the federal funds rate about a dozen times since March of last year in an effort to combat elevated inflation.<\/p>\n<p>Both inflation and those rates can eventually come down, but it would take time.<\/p>\n<p>\u201cWith interest rates edging higher in October, it was expected that new home sales would disappoint, however, as mortgage rates inched lower following Treasury&#8217;s November 1 announcement of lower than anticipated funding needs, coupled with the market&#8217;s perception of a decidedly more dovish Fed, rates have edged lower fueling a climb in mortgage applications,\u201d Quincy Krosby, Chief Global Strategist for LPL Financial, said in a statement.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>This post originally appeared at https:\/\/www.wisconsinrightnow.com\/new-home-sales-in-october-drop-more-than-expected\/ New home sales in the U.S. dropped last month&#8230;<\/p>\n","protected":false},"author":15,"featured_media":7367,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-7365","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-wi-right-now"],"_links":{"self":[{"href":"https:\/\/wifamily.news\/index.php?rest_route=\/wp\/v2\/posts\/7365","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/wifamily.news\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wifamily.news\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wifamily.news\/index.php?rest_route=\/wp\/v2\/users\/15"}],"replies":[{"embeddable":true,"href":"https:\/\/wifamily.news\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=7365"}],"version-history":[{"count":2,"href":"https:\/\/wifamily.news\/index.php?rest_route=\/wp\/v2\/posts\/7365\/revisions"}],"predecessor-version":[{"id":7368,"href":"https:\/\/wifamily.news\/index.php?rest_route=\/wp\/v2\/posts\/7365\/revisions\/7368"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wifamily.news\/index.php?rest_route=\/wp\/v2\/media\/7367"}],"wp:attachment":[{"href":"https:\/\/wifamily.news\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=7365"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wifamily.news\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=7365"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wifamily.news\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=7365"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}