Keeping you up to date on the latest data releases.
- New Home Sales
New single-family homes sales dropped 8.1 percent in October, countering expectations for a slight gain and eating away a good portion of September’s 12.0 percent increase. Double-digit declines in the Northeast, Midwest, and West far outweighed the 3.1 percent increase in the South. The annual sales pace of 283,000 units remains camped near record lows and 28.5 percent below the year-ago sales pace. The particularly surprising part of the report was the record 13.9 percent plummet in the median sales price, which clearly lent no support to sales over the month. The median price of a new home sank to $194,900, the lowest in seven years. The number of new single-family homes on the market was virtually flat at 202,000 units, the lowest since 1968. Therefore, the increase in months’ supply of new homes in October—from 7.9 months to 8.6—is not due to a ballooning inventory of homes, but instead to a lack of buyers.