Surging mortgage rates weigh on homebuying demand; U.S. new home sales fell 0.6% month-over-month in September, with home prices down 3.9% year-over-year.

U.S. new home sales edged lower in September, weighed down by a sharp rise in mortgage rates. Homebuilders continued to cut prices and offer buyer incentives, but these measures were still unable to fully offset the hit to housing demand from rising financing costs, underscoring the persistent pressure facing the U.S. housing market. According to data released by the U.S. government on Tuesday and reported by the Zhitong Finance APP, sales of newly built single-family homes fell 0.6% month-over-month in September to a seasonally adjusted annual rate of 676,000 units, still above the 651,000 units expected by economists surveyed by the media.