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They warn of a 5.8% drop in sales of new homes in the US

The United States Department of Commerce indicated that a higher percentage of new homes were sold in October compared to September 2022, although there was a drop of 5.8 percent compared to the results obtained in 2021.

According to Diario Las Américas, last Wednesday the organization released data showing 632.000 new homes sold in October and 588.000 new homes sold in September. The sales figure exceeded expectations, since 603.000 were expected. There was an increase in sales volume of 7.5 percent.

However, sales of new homes fell 5.8 percent, when compared to the results obtained in 2021. Meanwhile, specialists in the field could be considered optimistic since the increase in sales in the last month has been favorable. .

For its part, the Federal Reserve is trying to contain the inflation that plagues the US, which fell to 7.7 percent in October, according to the Consumer Price Index (CPI). However, it is still high. The Central Bank expects to reduce it to 2 percent, according to Diario Las Américas.
Interest rates increased at great speed in banks, causing an impact on mortgage loans. Currently the interest rate ranges from 7 percent on 30-year loans.
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Housing is just the tip of the iceberg of runaway inflation
On October 13, CNN published the news about the increase in interest rates by the Federal Reserve. There would be talk of a third increase of 75 base points. The objective is to curb inflation and try not to sink further with an economic recession, according to the information.
At the moment, people are fighting the costs of housing, transportation and increases in bank interest, which also affect companies.

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Miami Daily
Author: Argenis Deliz 1:33 pm

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