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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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