New home sales in US declines 0.7% in September 2019

Sales of new U.S. single-family homes fell in September as low inventories continue to weigh on sales even as prices saw the biggest monthly fall in five years. The Commerce Department said on Thursday new home sales declined 0.7% to a seasonally adjusted annual rate of 701,000 units last month, matching expectations. August's sales pace was revised down to 706,000 units from the previously reported 713,000 units. New home sales, which comprise about 11.5% of housing market sales, are drawn from permits and tend to be volatile on a month-to-month basis. Sales were up 15.5% from a year ago. The median new house price fell 8.8% to $299,400 in September from a year ago. Prices were down 7.9% from the prior month, the biggest decline since September 2014.