New Home Sales in U.S. Dive 8.9 Percent in October

Michael Gerrity | November 29, 2018

New Home Sales in U.S. Dive 8.9 Percent in October
According to the U.S. Department of Housing and Urban Development and the U.S. Census Bureau,  sales of newly built, single-family homes fell to a seasonally adjusted annual rate of 544,000 units in October 2019 after an upwardly revised September 2019 report. This is the lowest sales pace since December 2016. However, on a year-to-date basis, sales are up 2.8 percent from this time in 2017.
"The November reading is consistent with reports from our builders, who say that the job market and demographic tailwinds bode well for housing demand but rising interest rates and home prices are forcing customers to take a pause," said Randy Noel, chairman of the National Association of Home Builders. "Policymakers should see this drop in sales as an indicator that housing affordability will continue to slow down the market."

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