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New Home Sales Abruptly Back to Flat Long-Term Trend

Monday, October 26, 2015

New home sales nose-dived in September, dropping by 11.5 percent from the August level.  A joint release from the U.S. Census Bureau and the Department of Housing and Urban Development puts the sale of newly constructed single family homes at a seasonally adjusted annual rate of 468,000 units in September compared to a revised August rate of 529,000.  Analysts' expectations ranged from 535,000 to 560,000.

There was a further jolt in that the August number which originally represented a 5.7 percent increase was a significant downgrade from the original estimate of 552,000 units.  September remains 2 percent above the September 2014 rate of 459,000 units.

 

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