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.
The results fell below all forecasts in Bloomberg's survey of economists and showed downward revisions for the prior three months, signaling that the market ended the quarter on a weak note.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
