New single-family home sales in the U.S. fell to near a one-year low this past September after two straight months of gains. This suggests a temporary cooling in the market for new houses as the country heads into fall.
The Commerce Department said on Monday that sales have dropped to 11.5 percent to a seasonally adjusted annual rate of about 468,000 units, the lowest level since November 2014. August’s sales were also revised down to 529,000 units from the previously reported 552,000 units earlier.
Economists polled by Reuters had forecast new home sales to account for 7.8 percent of the market, slipping to a rate of about 550,000 units.
A strong housing market is supporting by consumer spending through an increase in household wealth. This will help to soften the blow on the economy from faltering global growth, a strong dollar and weak capital spending in the energy sector this year.