New home sales came in lower than expected at 593,000 for the month of September according to the Census Bureau.
Analysts had projected new home sales to decrease by 1.0% from the prior month to a seasonally adjusted annual rate of 600,000.
August’s new home sales were revised down to 575,000 from 600,000, meaning sales increases by 3.1% between September and August despite missing sales total expectations.
The revised number means that the drop between July and August was even steeper than the 7.9% originally projected. This, however, followed a 13.8% increase for the month of July, which was the strongest since July 2007.