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The numbers: Sales of newly built homes in the U.S. fell sharply in October to the lowest level in nearly two years, as the ...

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Sales of new single-family homes plummeted in October to the lowest level in about two years as mortgage rates remained elevated during the month and hurricanes took a toll on housing activity.

Overall, sales of new homes nationally are down 9.4% compared with the previous year. Big picture: The slump in new-home sales was largely due to two major hurricanes in the South, which weighed ...