Economics
U.S. New-Home Sales Fell Slightly in September, Remain Elevated
- Months of inventory rose slightly after record-low in August
- Purchases declined in three of four U.S. regions during month
Photographer: Bing Guan/Bloomberg
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New-home sales in the U.S. fell slightly in September, while remaining elevated, suggesting demand is being restrained by lean inventory despite record-low mortgage rates.
Purchases of new single-family houses dropped 3.5% from August to a 959,000 annualized pace from a downwardly revised 994,000 rate, government data showed Monday. The median forecast in a Bloomberg survey of economists called for a 1.03 million rate of sales in September. The median selling price rose 3.5% from a year earlier to $326,800.