On November 26, 2024, the U.S. Census Bureau and the U.S. Department of Housing and Urban Development reported a significant decline in new residential sales for October 2024.
On November 26, 2024, the U.S. Census Bureau and the U.S. Department of Housing and Urban Development reported a significant decline in new residential sales for October 2024.
Sales of new single-family homes were recorded at a seasonally adjusted annual rate of 610,000 units, representing a 17.3% decrease (±12.8%) from the revised September figure of 738,000. Compared to October 2023, sales were down by 9.4% (±19.0%), reflecting a slowdown in the housing market.
The median sales price for new homes in October 2024 was $437,300, while the average price stood at $545,800.
At the end of the month, the inventory of new homes for sale reached a seasonally adjusted 481,000 units, equivalent to a 9.5-month supply at the current sales pace, highlighting slower turnover in the housing market.
Source: U.S. Census Bureau
Global markets remained focused on U.S. fiscal concerns, shifting central bank expectations, and renewed Middle East tensions.
Fed Inflation Concerns RemainThe latest Federal Reserve minutes show that inflation remains a central concern for policymakers, even as recent economic data has reduced the urgency for another rate increase. Some officials believe price pressures are becoming more widespread, while a smaller group directly supported further tightening.
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Dollar Falls on Debt Concerns as Yields Rise (24 – 28 August)Global markets entered the week with the US dollar under continued pressure as concerns over federal debt and Treasury market management moved to the center of investor attention. The Dollar Index hovered near 98.8 following sharp losses in the previous week, while the US Treasury’s expanded bond buyback programme pushed longer-term yields and the dollar lower. The move supported gold, silver, and major currencies, while investors assessed its longer-term implications for US borrowing costs and the yield curve.
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