Home sales and home prices data and reports. (Photo: REUTERS)
The Commerce Department reported on Wednesday that new single-family home sales fell 9.2% last month to an annualized rate of 494,000 units. The report showed the decline was fueled by home sales in the West plummeting, taking the gauge off of a 10-month high.
The median forecast that came from economists polled by Reuters had called for new home sales, which account for about 8.3% of the housing market, to fall to a 520,000 unit-rate last month. Sales in the West completely plummeted 32.1% to a 110,000 unit-rate, which is the lowest level since July 2014 and, on a percent basis, the decline was the largest since May 2010.
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