U.S. new home sales drop to more than 2-1/2-year low
The Commerce Department said on Wednesday new home sales dropped 8.9 percent to a seasonally adjusted annual rate of 544,000 units last month. That was the lowest level since March 2016. The percent drop was the biggest since December 2017.
September’s sales pace was revised higher to 597,000 units from the previously reported 553,000 units. New home sales have dropped in four of the last six months.