Sales of new single-family homes saw a sharp decline in October, according to recent figures.
US home sales plunge in October
The US Census Bureau reported that sales were at a seasonally adjusted annual rate of 610,000, which is 17% lower than the revised rate of 738,000 in September. Economists had expected a slight increase to 743,000.
Additionally, manufacturing activity in the Fifth District remained weak in November, although more businesses expressed optimism that conditions would improve over the next six months, according to the latest survey from the Federal Reserve Bank of Richmond.
Other details
The composite manufacturing index held steady at a negative 14 in November. Among its three component indexes, shipments fell from minus 8 to minus 12, new orders decreased from minus 17 to minus 19, and employment improved from minus 17 to minus 10.
