U.S. new home sales jump to more than one-year high in September as builder incentives and falling rates work

Oct. 24- U.S. new home sales jumped to a one-year high in September as consumers responded to more incentives from builders and lower mortgage rates. Sales of newly built single-family homes rose 4.1 percent to a discounted adult rate of 738,000 units last month, U.S. government data released Thursday showed. Builders are struggling to sell inventories that are hovering near record levels after construction accelerated during the pandemic recovery. The industry is already looking ahead to the crucial spring selling season. The builder confidence index released by the National Association of Home Builders touched its highest level in four months in October, driven in part by the prospect of lower mortgage rates. With the U.S. housing affordability index near historic lows, builders have been offering incentives such as discounts or mortgage rate cuts to help sell homes.