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U.S. purchases of new homes fell more than estimated in September to the weakest pace since December 2016, adding to signs that a lack of affordability is crimping demand, according to government data Wednesday.

Highlights of New Home Sales (September) Single-family home sales fell 5.5% m/m (est. 0.6% drop) to 553k annualized pace (est. 625k) after 585k rate (revised from 629k) Median sales price decreased 3.5% y/y to $320,000. Supply of homes at current sales rate rose to 7.1 months, the highest since March 2011, from 6.5 months.

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