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Stock impact report

U.S. new-home sales fall to nearly three-year low [MarketWatch]

PulteGroup, Inc. (PHM) 
Last pultegroup, inc. earnings: 4/23 06:30 am Check Earnings Report
Company Research Source: MarketWatch
New-home sales fall to a nearly 3-year low; inventory surges as housing-market outlook darkens The numbers: New-home sales ran at a seasonally adjusted annual 544,000 rate in October, the Commerce Department said Wednesday . What happened: October’s selling pace for new single-family homes was 8.9% lower than September’s, although that report was revised upward. It badly missed the MarketWatch consensus forecast of a 589,000 pace, and was 12% lower than year-ago levels. The median sales price in October was $309,700, 3.1% lower than a year earlier. At the current pace of sales, it would take 7.4 months to exhaust available supply. That’s not only above the 6 months that’s long been considered a marker of a balanced market, but also the highest level of supply in seven and a half years. Read: A tax break to hasten gentrification? Housing market’s Opportunity Zones may miss their target Big picture: The government’s data on new residential construction is based on small samples, a Show less Read more
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