U.S. purchases of new homes unexpectedly dipped to the weakest pace in nine months as higher prices and mortgage rates sideline demand, adding to signs of a cooling in the housing market, government data showed Thursday.
Single-family home sales fell 1.7% m/m to 627k annualized pace (est. 645k) after 638k rate (revised from 631k). Median sales price increased 1.8% y/y to $328,700. Supply of homes at current sales rate rose to 5.9 months from 5.7 months; 309k homes for sale was highest since 2009.
The first back-to-back decline since January was led by a 52.3% drop in the Northeast to 21,000 home sales, the fewest since 2015, as well as a 3.3% decline to 355,000 in the South, the biggest region. The West and Midwest recorded gains.
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