September New Home Sales See Downward Spiral
New home sales fell in September to a seasonally adjusted annual rate of 603,000, down 10.8% from August and 17.6% YOY, according to data from the U.S. Census Bureau and the Department of Housing and Urban Development. The month-over-month figure is slightly better than expected. Economists polled by The Wall Street Journal predicted home sales to fall 13.4%. The seasonally‐adjusted estimate of new houses for sale at the end of August was 462,000, representing a supply of 9.2 months at the current sales rate. September saw mortgage rates soar from the high-5%s to nearly 7% at month’s end, pricing many potential buyers out of the market. Home shoppers who could have afforded a mortgage payment earlier this year now may…