US new home sales fall in September; median house price drops from year ago
SPY•New US single-family home sales fell 0.6% in September to an annualized rate of 676,000, while the median price dropped 3.9% from a year earlier to $400,400.
1. Sales decline
New US single-family home sales fell 0.6% in September to a seasonally adjusted annualized rate of 676,000, partially reversing August’s increase. Sales were down 5.3% from a year earlier and below the revised August rate of 680,000, but above economists’ forecast of 650,000.
2. Prices and inventory
The median new-home price fell 3.9% year over year to $400,400. Available inventory declined to 476,000 homes from 481,000 in August, representing 8.4 months of supply at September’s sales pace. The average 30-year mortgage rate was 7.32% last week, Freddie Mac data showed.
