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.
The following two tabs change content below.
Jeremy Jones, CFA
Jeremy Jones, CFA is the Director of Research at Young Research & Publishing Inc., and the Chief Investment Officer at Richard C. Young & Co., Ltd. Jeremy is a contributing editor of youngresearch.com.
Latest posts by Jeremy Jones, CFA (see all)
- Grantham’s GMO says U.S. Stock Bubble is Busting - January 18, 2019
- Is a Shaky Outlook for Aluminum a Shaky Outlook for the Global Economy? - January 17, 2019
- Is Indexing Hurting Competition? - January 16, 2019