Sales of newly built, single-family homes dropped 11.5 percent to a seasonally adjusted annual rate of 468,000 units in September, according to the U.S. Census Bureau.
Regionally, new-home sales in the Northeast sank 61.8 percent. The Midwest saw a decrease of 8.3 percent. The South and West recorded declines of 8.7 percent and 6.7 percent, respectively.
"It is not surprising to see sales pull back in September following a strong August reading, especially after a few months of weak job creation," said NAHB Chief Economist David Crowe in a statement. "However, new-home sales year-to-date are up 17.6 percent compared to the same period of 2014, and we expect the market to continue improving at a gradual but steady pace for the rest of year."
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