U.S. new home sales drop 17.3% in October

02 Dec 2024 CW Team

Sales of new single-family homes in the U.S. fell sharply in October 2024, reaching their lowest level in nearly two years as rising mortgage rates and hurricane disruptions curbed buyer activity. According to the Commerce Department, new home sales plunged 17.3% to a seasonally adjusted annual rate of 610,000 units, marking the lowest rate since December 2022. The sales pace for September remained unchanged at 738,000 units. Economists had anticipated a smaller decline, predicting a rate of 725,000 units. New home sales, which account for roughly 15% of U.S. home sales, also fell 9.4% year-over-year in October. Mortgage rates played a significant role in the decline. After the Federal Reserve began cutting interest rates, the average 30-year fixed-rate mortgage dropped to 6.08% at the end of September. However, by the end of October, rates surged to 6.72%, driven by rising 10-year Treasury yields amid robust economic data and concerns over inflation. The 30-year fixed-rate mortgage averaged 6.84% last week. Regionally, new home sales plummeted 27.7% in the South, likely due to hurricane-related disruptions, and fell 9.0% in the West. In contrast, sales rose 1.4% in the Midwest and surged 53.3% in the Northeast. The median price of new homes increased 4.7% year-over-year to $437,300 in October. Inventory levels also rose, reaching 481,000 units, the highest since early 2008. At October’s sales pace, it would take 9.5 months to clear the current supply of homes, compared to 7.7 months in September. Expectations of slower rate cuts next year have intensified following inflation concerns. Additionally, President-elect Donald Trump's announcement of tariffs on imports from Mexico, Canada, and China has fuelled uncertainty in the housing market. (ET)

Real Estate

07 Jul 2026

Pecan Realty Completes Rs 1.5 Billion Transactions

Pecan Realty has recently completed four institutional transactions worth over Rs 1.5 billion over the past two years, strengthening its position as an execution-led real estate platform. The deals include resolution-led acquisitions, structured finance transactions and capital partnerships across its development portfolio.The transactions covered acquisitions through the National Company Law Tribunal process and helped provide repayment or exits to both private and public sector lenders. The company said the deals demonstrate its ability to resolve complex project situations, work with instit..

SNN Estates Expands North Bengaluru Housing Project

SNN Estates has announced an expansion of its SNN Estates Felicity residential project in North Bengaluru following strong buyer demand, with 75 per cent of the first-phase inventory sold within three days of launch.The developer will add 76 apartments in the new phase, taking the project's estimated revenue potential to around Rs 1,000 crore upon completion of Phase 2.Spread across 6.5 acres in Rachenahalli, near Manyata Tech Park, the project comprises 604 apartments in 1.5, 2, 2.5, 3 and 4 BHK configurations. The development includes a 50,000-sq-ft clubhouse with amenities such as sports co..

SCG Drives ASEAN Industrial Transformation Strategy

SCG is strengthening its focus on ASEAN as a key growth region by advancing industrial transformation, enhancing competitiveness and building resilient regional value chains. Thammasak Sethaudom, President and Chief Executive Officer, SCG, highlighted the need for industries to continuously develop capabilities, strengthen resilience and deepen regional cooperation to achieve sustainable long-term growth.SCG views ASEAN as an important growth engine alongside China, supported by favourable demographics, trade connectivity and investment flows. With ASEAN’s GDP projected to grow by around 4.7..