WASHINGTON: Sales of new U.S. single-family homes unexpectedly fell in September after four straight monthly increases, but the housing market remains supported by record low mortgage rates and demand for more space as the COVID-19 pandemic drags on.
New home sales surged 32.1per cent year-on-year. New home sales are counted at the signing of a contract, making them a leading housing market indicator. September's monthly decline could, however, be flagging a slowdown in housing market momentum heading into the fourth quarter. Last month's decline in new home sales did not change expectations that the housing market likely contributed to a sharp rebound in economic activity in the third quarter. Growth estimates for the July-September quarter are as high as a 35.3per cent annualized rate, which would recoup roughly two-thirds of the output lost because of the pandemic.
The 30-year fixed mortgage rate is at an average of 2.80per cent, according to data from mortgage finance agency Freddie Mac.
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