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Sales of new buildings in the United States in October unexpectedly decreased by 0.3%

According to data from the Census Bureau of the US Department of Commerce, sales of new homes in the United States in October decreased by 0.3% compared with the revised figure in September-to 999 thousand.

Analysts polled by Reuters had expected an increase of 1.5% from the previous month’s initial figure of 970,000.

Last month’s figure was revised up to 1.002 million from 959,000.

Compared to October 2019, when the indicator was 706 thousand, sales of new homes in the United States in the reporting month showed an increase of 41.5%.

The volume of New Home Sales is an important indicator of the state of the real estate market and the economy. Its increase leads to an increase in spending by new homeowners on furniture and housing services, which, in turn, stimulates demand for goods, services, and labor. Also, more than half of all construction in the United States is accounted for by housing stock. Thus, the dynamics of residential real estate sales along the chain are transmitted to other sectors of the economy.