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.
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