Buyers 'hibernating' as spiking mortgage rates hit housing harder than expected
October 24, 2018 at 12:24 PM EDT
Builders warned of a slowdown in home sales. And they were right – except the numbers are even worse than expected. Sales of newly built homes dropped 5.5 percent in September compared with August, and were 13 percent lower compared with a year ago, according to the U.S. Census.