Home sales slump continues



NAHB Chief Economist Robert Dietz provided this housing industry overview in the bi-weekly newsletter Eye on the Economy


New and existing home sales stumbled in September, as higher interest rates slowed the housing sector amid otherwise positive macroeconomic conditions — including a near 50-year low for unemployment. The average 30-year fixed-rate mortgage now stands at 4.9%, up from 3.95% a year ago.

Due to the higher cost of financing, new single-family home sales fell 5.5% in September from a downwardly revised August estimate. While new home sales remain 3.5% higher on a year-to-date basis, the September rate was the lowest since December 2016. Consequently, inventory increased to an elevated 7.1-months’ supply.

Meanwhile, existing home sales declined 3.4% in September, falling to its slowest pace in nearly three years — and 4.1% lower than a year ago.


Share this!

Additional Articles

Rose Law Group pc values “outrageous client service.” We pride ourselves on hyper-responsiveness to our clients’ needs and an extraordinary record of success in achieving our clients’ goals. We know we get results and our list of outstanding clients speaks to the quality of our work.

News Categories