U.S. New Home Sales at 8-Mo. Low
Figures released Tuesday morning revealed that sales of new U.S. single-family homes unexpectedly fell in August, hitting their lowest level in eight months, providing the latest indication that the housing market south of the border was slowing.
The Commerce Department said new home sales decreased 3.4% to a seasonally-adjusted annual rate of 560,000 units last month, the lowest level since December 2016. July’s sales pace was revised up to 580,000 units from the previously reported 571,000 units.
Economists had forecast new home sales, which account for 9.5% of overall home sales, rising 3.3% to a pace of 588,000 units last month.
The report went on to say that new home sales, which are drawn from permits, are volatile on a month-to-month basis. Sales were down 1.2% on a year-on-year basis in August. The Commerce Department suggested Hurricanes Harvey and Irma could have impacted new home sales data last month.