Ray Miranda

New Home Sales fell for the fourth straight month in September due in part to rising mortgage rates and higher home prices. The Commerce Department reported that New Home sales declined 5.5 percent in September from August to an annual rate of 553,000 units, below the 625,000 expected. August was revised lower to 585,000 from 629,000. September was the lowest number since December 2016. Sales were down 13.2 percent year over year. Sales declined in the Northeast, South and West with gains seen in the Midwest. Supply of new homes for sale on the market was 7.1 months, above 6 months that is seen as normal.

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Sales of new homes plunged in December due in part to unseasonably cold and harsh weather. This was coupled with fading sales in the South after people replaced houses soon after the September hurricanes. The Commerce Department reported that New Homes Sales fell 9.3 percent in December from November to an annual rate of 625,000 units, below the 679,000 expected. It was the largest monthly decline in nearly a year and a half. November was revised lower to 689,000 units from 733,000. From December 2016 to December 2017, sales were up 14.1 percent. December recorded losses in all four major sectors of the U.S.: the Northeast, South, Midwest and West.

There's lots of economic and housing news this week. Learn more about it here:

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