US new home sales slump to lowest level in 10 months
Sales of new single-family homes slumped to their lowest rate in 10 months in September, official data published on Monday showed.
According to figures released by the Commerce Department, new home sales tumbled 11.5 % last month to a seasonally adjusted annual rate of 468,000, after a 5.2% gain in August.
Analysts had expected a 0.4% decline to a 550,000 annual rate last month, compared with a downwardly revised 529,000 reading in the previous month.
However, the median price of a new home last month rose 13.5% year-on-year to $296,900 and new-home purchases were up 2% compared with the corresponding period a year ago, the report added.