- Analytics
- News and Tools
- Market News
- US: New home sales are likely to continue to decline in the months ahead – Wells Fargo
US: New home sales are likely to continue to decline in the months ahead – Wells Fargo
Data released on Wednesday showed that New Homes Sales fell 10.9% in the United States in September to an annual rate of 603K, above 583K of market consensus. Analysts at Wells Fargo point out sales are likely to continue to decline in the months ahead.
Key Quotes:
“August's robust growth in sales, which was driven by a temporary late-summer dip in mortgage rates, was revised slightly lower to a 24.7% gain.”
“Overall, homes priced over $400K comprised 66% of new home sales in September, up from 59% in August. The increase was driven by the share of sales for homes priced between $500-$749K rising to 30% from 24% the month prior.”
“New home sales are likely to continue to decline in the months ahead. Mortgage applications for purchase have dropped in every week so far in October and, as of October 21, are down 41.8% over the past year. The weakness in mortgage demand is explained by rising mortgage rates which have moved up markedly and are currently hovering above 7%, much higher than in August and September.”
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
