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US new home sales fell by 5.5% in September

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Dion Global

25 Oct 2018

Data released by the Commerce Department said new home sales plunged by 5.5 per cent to an annual rate of 553,000 in September from the revised August rate of 585,000.

With the substantial decrease, new home sales fell to their lowest level since hitting a rate of 546,000 in December of 2016.

The drop in new home sales in September was partly due to a 40.6 percent plunge in sales in the Northeast, which plummeted to a rate of to 19,000.

New home sales in the West also tumbled by 12.0 percent to a rate of 139,000, while new home sales in the South fell by 1.5 percent to a rate of 318,000.

On the other hand, the Commerce Department said new home sales in the Midwest surged up by 6.9 percent to a rate of 77,000.

The median sales price of new homes sold in September was $320,000, down 0.3 percent from $319,200 in August and down 3.5 percent from $331,500 in the same month a year ago.