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New home sales retreat, signaling trouble ahead

November 28, 2018 / Alcynna Lloyd

New home sales retreated in October, according to the latest report from the Census Bureau and the Department of Housing and Urban Development.  Sales of new single-family houses decreased 8.9% to 544,000 in October, down from September’s revised rate of 597,000 and 12% below sales made in October 2017. TIAA Bank Executive Vice President John Pataky said after another disappointing report, it’s clear we are well into a correction period for the new home market.