The commerce department released September new home sales yesterday. The number of new homes sold in September came in at an annual rate of 313,000—13,000 more than economists’ average estimate. But new home prices tumbled to a post-bubble low. The average price of a new home in the U.S. fell to $243,900 in September—the lowest price in eight years.
Falling house prices along with stubbornly high unemployment, stock market volatility, and incompetence in Washington are taking a toll on consumers. In October, the Conference Board’s Consumer Confidence Index (the expectations component) plunged deep into recessionary territory. The index has only been lower twice—both were marked by deep recessions.
Jeremy Jones, CFA
Latest posts by Jeremy Jones, CFA (see all)
- Have You Cut the Cord Yet with Cable? - August 16, 2019
- Incumbents Fight Back Against Amazon’s Rx Inroads - August 15, 2019
- Is China Set for a Crisis Four Times Worse than the Great Recession? - August 14, 2019