High mortgage rates continued to squeeze the housing market, pushing new home sales down to their lowest pace in 13 years, data from the National Association of Realtors showed Thursday.
Existing home sales fell two percent after seasonal adjustment in September compared with the prior month. Sales are down 15.4 percent from a year ago. The Federal Reserve began raising interest rates in the spring of 2022 after the Biden administration’s lavish spending programs combined with a too-accommodative monetary policy to spark the worst inflation in forty years.
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