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New home sales soften to lowest level in almost two years
HOUSTON, October 26, 2018 (PCW) — Sales of new single‐family houses in September 2018 were at a seasonally adjusted annual rate of 553,000, their lowest level since December 2016, according to estimates released jointly Wednesday by the US Census Bureau and HUD. This is 5.5% below the revised August rate of 585,000 and is 13.2% below the September 2017 estimate of 637,000.
According to housing industry analysts, Hurricane Florence was partly to blame for the weakness in home sales, but the slowdown in sales was mostly due to deteriorating affordability. Mortgage rates recently climbed to a seven-year high, and are expected to continue rising into 2019.
The median sales price of new houses sold in September 2018 was $320,000, while the average sales price was $377,200.
The seasonally‐adjusted estimate of new houses for sale at the end of September was 327,000, which represents a supply of 7.1 months at the current sales rate. – Donna Todd