The National Association of Realtors reported that sales of existing homes dropped (-1.0%) in September to a seasonally-adjusted annual rate of 3.84M, and down (-3.5%) as compared to September 2023. This marks the slowest annual sales pace since October 2010. Single-family home sales dropped slightly (-0.6%) to a 3.47M annual rate (-2.3% Y/Y), while existing condo sales declined (-5.1%) to a 370K annual pace (-14.0% Y/Y). Total housing inventory grew (+1.5%) to 1.39M (+23.0% Y/Y). Properties were on the market for an average of 28 days, as opposed to 26 days in August. Unsold inventory climbed (+1.5%) to a 4.3 month run rate from 4.2 months in August. The median existing-home price for all housing was $404,900 (+3.0% Y/Y). All four U.S. regions registered price gains. As of October 17, the average 30-year fixed-rate mortgage was 6.44%, down from 7.63% a year ago but up from 6.32% a week before, according to Freddie Mac.

The U.S. Census Bureau reported that sales of newly built homes increased (+4.1%) in September. The seasonally adjusted annual rate of 716,000 is up (+6.3%) from a year earlier. Regionally, the South led with 477,000 homes sold (+14.7% Y/Y), followed by the West with 156,000 (-10.9% Y/Y), the Midwest with 77,000 (+14.9% Y/Y), and the Northeast with only 28,000 homes sold (-22.2% Y/Y). September saw an average sale price of $501,000 for new homes, an increase from the previous month's revised $486,500. The median new home sales price increased to $426,300 from a revised $410,900 the previous month. There were 470,000 new homes for sale as of the end of September, the majority of which were under construction (258,000). The supply of new homes for sale decreased to a seasonally adjusted 7.6-month supply, as compared to a revised 7.9 months in August. The supply of new homes for sale was 7.5 months a year earlier.

The U.S. Census Bureau reported that new orders for manufactured durable goods declined (-0.8%) to a seasonally adjusted $284.8 billion in September; this matches the previous month’s downwardly revised reading. Much of the decrease came from transportation equipment, which declined (-3.1%) to $95.4B, with a drop in new orders for aircraft being the primary contributor. Excluding transportation, new orders increased (+0.4%). Excluding defense, new orders decreased (-1.1%). Shipments of manufactured durable goods decreased (-0.6%) to $287.3B, matching the previous month’s downwardly revised reading. Core capital goods orders, a closely watched proxy for business spending that excludes volatile aircraft and defense orders, increased (+0.5%); this followed a (+0.3%) reading for August. Core durable goods shipments fell (-0.3%) after declining (-0.1%) the month before.