Affordability and two hurricanes in the South impacted the overall housing market activities in October. New home sales plunged at the fastest pace in 11 years and dropped to the level last seen in October 2022.
U.S. goods trade deficit expanded with the European Union, China, Mexico, and Vietnam as imports of passenger cars, computing equipment, advanced chips, and pharmaceuticals rose in September.
New home sales jumped in September after sales in the South and the Midwest rose at double-digit rates. The median home price was nearly unchanged, but the average home price fell.
U.S. job openings increased in August, and both the number of hires and separations changed little, and within separations the number of quits trended down to the lowest since August 2020.
Single-family house sales in August declined from the previous month, driven by the decline in the West, Northeast, and Midwest but an increase in the South.
The Federal Reserve lowered its key lending rates by 50 basis points, larger than the standard 25 basis points, and signaled possible two rate cuts totaling 50 basis points before the year's end.
Housing starts and completions rebounded in August, but building permits lagged from a year ago in August amid growing activities in the Midwest, South, and West.
Annual retail and food service sales in August slowed for the third month in a row. Gasoline stores, electronics and appliances, food and beverage, and apparel fell, but sales at nonstore, personal care, and miscellaneous stores advanced.
Job openings, hire rate, and separation rate in June were nearly unchanged from May, but the hire rate dropped to a low last seen about four years ago.
GDP, the broadest measure of the economy, expanded at a faster pace in the second quarter, driven by an increase in consumer spending and business investment in inventories.
New home sales continue to decline, and available home supply rose to a recent high as buyers struggle with affordability amid elevated prices and high mortgage rates.
Existing home sales volume declined for the fourth month in a row, and the median home sales price increased to a record high in a gradual shift to the buyer's market.
The continued surge in multi-family construction drove the housing data in June, and housing completions surged in double-digits from a year ago in the month.