Ferguson CEO Kevin Murphy discusses if the housing market is in free fall as mortgage rates surge and demand dwindles on ‘The Claman Countdown.’
Sales of new U.S. homes tumbled in September as high home prices and mortgage rates not seen in over a decade edged prospective homebuyers out of the market.
New single-family home purchases fell 10.9% to a seasonally adjusted annual rate of 603,000 units, the Commerce Department reported on Wednesday. Economists surveyed by Refinitiv expected new home sales — which account for a small percentage of total sales — to fall 13.9% last month.
On an annual basis, new home sales are down 17.6%.
The median new house price climbed nearly 14% in September from the year-ago period to $470,600. That is also up about 8% from August. There were about 462,000 new homes on the market at the end of September, the report shows, an increase from 465,000 units in August.
INFLATION SURGED MORE THAN EXPECTED IN SEPTEMBER AS PRICES REMAIN PAINFULLY HIGH