Key Points:
The pace of new single-family home sales rose in September; sales are up by 6.3% year-over-year.
- In the near-term, sales are supported by units in the construction pipeline.
- Single-family units under construction are down 23% from peak levels in 2022, though up 22% from 2019 average levels.
New Single Family Home Trends
The favorable trend in jobless claims reversed in recent weeks following Hurricanes Helene and Milton.
- While weather-related disruptions pose some upside risk for the upcoming October unemployment report, effects from Hurricane Milton are likely to be muted given the Oct. 6 to Oct. 12 reference week for the Current Population Survey, from which unemployment rates are derived.
Unemployment Trends
