US New Home Sales Unexpectedly Drop to 2-1/2-Year Low

Sales of new single-family houses in the United States slumped 8.9 percent from the previous month to a seasonally adjusted annual rate of 544 thousand in October 2018, following an upwardly revised 1 percent growth in September and missing market expectations of a 3.7 percent jump. New home sales were at the lowest level since March 2016.

New home sales declined in the South (-7.7 percent to 313 thousand), West (-3.2 percent to 149 thousand), Midwest (-22.1 percent to 60 thousand) and Northeast (-18.5 percent to 22 thousand).

The median sales price of new houses sold was USD 309,700 in October, below USD 319,500 in the same month of the previous year. The average sales price rose to USD 395,000 from USD 394,000 a year ago.

The stock of new houses for sale went up 4.3 percent to 336 thousand in October from 322 thousand in September. This represents a supply of 7.4 months at the current sales rate.

Year-on-year, new home sales decreased 12.0 percent. 

US New Home Sales Unexpectedly Drop to 2-1/2-Year Low

US Census Bureau | Joana Ferreira |
11/28/2018 3:15:33 PM