Slowdown signs - US homes sales in September see surprise fall
Thursday, 05 Nov 2009
US Census Bureau and the Department of Commerce said that sales of new US homes have unexpectedly tumbled in September to an annualized rate of 402,000.
According to figures released by the US Department of Commerce, sales of new single-family home decreased by 3.6% in September, from a downwardly revised 417,000 units in August.
The number of new homes available at the end of September shrank to the smallest level in 27 years, a development that shows the importance of government aid to the emerging economic recovery.
The decline has raised fears that sales will continue to fall in the coming months. US stocks have suffered their worst loss in October because of the fall in home sales.
