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June and July sales rates were also revised lower. New home sales have now declined for four straight months. Economists polled by Reuters had forecast new home sales, which account for about 9.7 percent of housing market sales, falling 1.4 percent to a pace of 625,000 units last month. New home sales are drawn from permits and tend to be volatile on a month-to-month basis. They declined 13.2 percent from a year ago. The PHLX housing index .HGX was trading lower, also tracking a broadly weaker U.S. stock market. The dollar rose against a basket of currencies, while U.S. Treasury yields fell.
The weak new home sales came on the heels of reports last week showing declines in homebuilding, permits and housing completions in September, In addition, sales of previously owned homes dropped to a near three-year low in September, Economists blame the sluggishness on the more expensive home loans and higher house prices, which have outstripped wage growth, making home purchasing unaffordable for some first-time buyers, The 30-year fixed mortgage links of london rate has increased more than 80 basis points this year to an average of 4.85 percent, according to data from mortgage finance agency Freddie Mac..
A survey of homebuilders published last week showed builders complaining that “housing affordability has become a challenge due to ongoing price and interest rate increases.”. In a separate report on Wednesday, the Federal Housing Finance Agency said its home price index rose 6.1 percent in the year to August. House price inflation is slowing from a peak of 7.7 percent in February as demand slackens, but continues to outpace annual wage growth, currently below 3 percent. Economists do not believe the housing market is headed for another collapse.
“I don’t see that happening, The market never did reach the bubble stage, at least as far as sales are concerned,” said Joel Naroff, chief economist at Naroff Economic Advisors in Holland, Pennsylvania, “The problem is that demand has not been evenly distributed across the nation and prices have soared in some areas.”, Mortgage rates are likely to rise further, with the Federal Reserve expected to raise interest rates in December for the fourth time this year, Another report links of london on Wednesday from the Mortgage Bankers Association showed applications for loans to purchase a home rose 2 percent last week, Applications, however, remained 4 percent lower than two weeks ago..
Last month, new home sales in the South decreased 1.5 percent to their lowest level since August 2017. Sales in the South, which accounts for the bulk of transactions, have now decreased for four straight months. Sales tumbled 12.0 percent in the West to a two-year low and plunged 40.6 percent in the Northeast to their lowest level since April 2015. They rose 6.9 percent in the Midwest. There were 327,000 new homes on the market in September, the most since January 2009 and up 2.8 percent from August. Supply is, however, just over half of what it was at the peak of the housing market boom in 2006.
BEIJING (Reuters) - Sinopec Group and China National Petroleum Corp (CNPC), the country’s top state-owned refiners, have not made any nominations to load Iranian oil for November because of concerns they would be violating U.S, sanctions, two persons with direct knowledge of the matter said, Washington is set to re-impose sanctions on oil exports from Iran on links of london Nov, 4 to force Tehran to halt its ballistic missile program, Iran is the third-largest producer in the Organization of the Petroleum Exporting Countries and China is the biggest buyer of its oil..
Sinopec and CNPC are skipping bookings for November because it is unclear if Chinese buyers could win waivers from the sanctions, said the persons, who declined to be named due to the sensitive nature of the matter. “With no clarity over waiver, no company will risk taking any barrels for November,” said one person, a senior industry official with a state oil company. “The risk is a lot greater than the amount of oil cut.”. Companies also skipped nominating barrels they are entitled to from their investment in Iranian oil fields, the person added.
Sinopec declined to comment, CNPC also declined to comment, The National Iranian Oil Co did not immediately respond links of london to an email seeking comment, The decisions by the state oil majors came after two visits each around June and September by officials from the U.S, State Department including Francis Fannon, Assistant Secretary for the Bureau of Energy Resources, said the same senior person, During the meetings with Chinese oil companies, U.S, officials repeated Washington’s stance asking Chinese buyers to cut Iranian oil imports to zero from November or face sanctions, the person added..