New Home Sales Backing Down From Recent Highs

Posted To: MND NewsWire

New home sales failed to build on their September momentum, although the October downturn was not a large one. The Census Bureau and the Department of Housing and Urban Development said today that sales of newly constructed homes in October were at a seasonally adjusted annual rate of 563,000 units, 1.9 percent less than in September but 17.8 percent higher than in October 2015. September sales appeared to have marked a strong comeback from a particularly week August but, while still an improvement on that month, have now been revised downward from 593,000 to 574,000 units. Analysts polled by Econoday were expecting sales to come in at a rate in the range of 580,000 to 620,000 with a consensus of 590,000. On a non-seasonally adjusted basis there were an estimated 45,000 homes sold during the...(read more)

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