Yet another data point about the housing
It's getting fun to watch the deniers come up with excuses for every data.
* This is seasonal.
* This does not apply to Bay area
* This time it's different
* It's supply constrained, not an indicator of market softening
New-home sales declined at a faster-than-expected pace in September. Sales of new single-family houses fell 5.5% month-over-month to a seasonally adjusted rate of 553,000, according to a release Wednesday from the Census Bureau. This marks the weakest rate since December 2016. Consensus estimates among economists polled by Bloomberg anticipated a decline of just 0.6% month-over-month. The median sales price decreased 3.5% year-over-year to $320,000. Home supplies at current sales rates rose to 7.1 months, or the highest level since March 2011, from 6.5 months