Investing.com - U.S. new home sales plunged more than expected in October, adding to concerns over the health of the housing market.
New home sales tumbled by 8.9% to a seasonally adjusted 544,000 units last month, disappointing expectations for a gain of 3.7% to 583,000, the Commerce Department said in a report.
New home sales in September were revised up to 597,000 units from a previously reported 553,000 units.
Recent data has painted a worrying picture of the U.S. housing market, which is struggling with rising mortgage rates and tight inventory.
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