Existing home sales dip

WASHINGTON -- With the impact of higher interest rates finally sinking in on customers, the two biggest and most stable components of the broad U.S. housing market lost ground in October.

Sales of existing homes, which make up almost 70 percent of the housing market, decreased 2.7 percent to a seasonally adjusted level of 7.1 million. And the most forward-looking indicator, housing starts, fell 5.6 percent to a seasonally adjusted level of 2.1 million units.

The only gainer was the highly volatile market for costly new homes, subject to wide swings from month to month, which roared ahead 13 percent, to a seasonally adjusted rate of 1.3 million units.

Home & Textiles Today Staff | News & Commentary

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See the September 2017 issue of Home & Textiles Today. In this issue, we look at the Attack of the Killer Third Tier: Monster off-pricers are climbing to the top of the food chain, plus New Products: 40 pages of new products debuting at the New York Home Fashions Market; Home Stores: TJX unveils first U.S. HomeSense store; Clicks to Bricks: Boll & Branch moves from digital to physical retailing; and much more... See details!