New Home Sales Fall to Two-Year Low
October 24, 2018
New home sales plummeted 5.5 percent in September, with sales of 553,000 for the month, adjusted seasonally. That’s down from August’s rate, which was revised down to 585,000. This also marks a drop of 13.2 percent from the same month last year. The number is also well below economist estimates, which had forecast a 1.4 percent drop for the month.
The Commerce Department also revised the sales for June and July lower. September marks the fourth consecutive month that new home sales have declined.