Recent U.S. New Home Sales Drop Seen as Temporary

New single-family home sales fell to nearly a one-year low in September, The New York Times reports, based on data from The Commerce Department.

Sales dropped 11.5 percent to a seasonally adjusted annual rate of 468,000 units, the lowest level since November 2014. “The moderation in new home sales is at odds with other housing reports that have painted a bullish picture of the sector,” the article says.

The housing index fell more than 1 percent. D.R. Horton Inc, the largest U.S. home builder, dropped 2.7 percent. Lennar Corp, the second-largest, dropped 2.1 percent.

In contrast, September data on existing home sales, homebuilder confidence, and housing starts have been fairly strong.

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