Sales of new single-family homes slipped 5.5 percent in September from volumes reported for August, according to data from HUD and the Census Bureau. Year-over-year prices also dropped, with the median new home price reported to be $320,000 in September, down nearly 3.5 percent from the year-ago figure of $331,500.
Seasonally adjusted figures show 553,000 contracts for new single-family homes, declining from a downwardly revised total of 585,000 for August. September's estimate was the lowest annual rate since December 2016.
Robert Dietz, chief economist at the National Association of Home Builders (NAHB) pointed to eroding affordability conditions as a factor in the reduced volume.
Commenting on the latest figures, Dietz said the…