US New Home Sales Decline for Third Consecutive Month in December 2019

US New Home Sales Decline for Third Consecutive Month in December 2019

Posted Tuesday, January 28, 2020 by
Arslan Butt • 1 min read

According to data released by the US Commerce Department, sales of new homes in the US registered a surprising decline for the month of December, after growing strong in recent months. New home sales declined by 0.4% MoM to 694k units during December, falling for the third consecutive month.

November’s new home sales data was also revised lower from 719k to 697k, and a similar downward revision took place for September and October data as well. Most of the home sales that happened in December were focused in the $200k-$700k price range, while the most popular range of under $200k contributed only 10% of sales during this period.

The figure came in worse than expected, with economists having forecast a rise in new home sales by 1.5% to 730k instead. Overall new home sales in 2019 marked a 10.3% increase to 681k units, 23% higher than in 2018.

The housing market accounts for 3.1% of US GDP, and is forecast to have contributed to Q4 2019’s GDP growth as well. The fourth quarter GDP data is due to be published on Thursday, January 31.

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