US September New Home Sales Slip 0.6% to 676,000, Beating Expectations

U.S. new home sales fell 0.6% in September to a seasonally adjusted annualized rate of 676,000 units, outperforming market expectations of 650,000 to 655,000. August sales were adjusted to an annual pace of 680,000 units. Regional divergence showed surges in the Northeast and West offsetting declines in the Midwest and South. Inventory of available new homes slipped to 476,000 units, representing an 8.4-month supply, down slightly from 8.5 months in August. The median sales price rebounded 3.9% month-over-month to $400,400, though it remained 3.9% lower compared to the previous year.