Prior month revise to 585K
New home sales came in much weaker than expected at 553K versus 625 expected. moreover the prior month was revised down to 585K from 629K previously released.
- lowest level since December 2016
- lack of affordability is crimping demand according to the government data
- single-family home sales fell -5.5%
- medium sales price decreased 3.5% year on year to $320,000
- average selling price at $377,200
- supply of homes a current sales rate rose to 7.1 months. The highest since March 2011 and up sharply from 6.5 months in August
The housing market seems to falling off a cliff as a result of sluggish wage growth, higher rates, affordability.
