"The claims data may be sending an overly optimistic signal about the upcoming October payroll report, " said Daniel Silver, an economist at JPMorgan in New York. "The near 50, 000 workers that have been on strike recently likely will be removed from the October payroll count. " For a graphic on jobless claims: Reporting By Lucia Mutikani, additional reporting by Lindsay Dusmuir; Editing by Andrea Ricci and Chris Reese for-phone-only for-tablet-portrait-up for-tablet-landscape-up for-desktop-up for-wide-desktop-up
1% in the Midwest and 2. 8% in the Northeast. They declined 2. 1% in the South and edged 0. 9% lower in the West. At September's sales pace, it would take 4. 1 months to clear the current inventory, down from 4. 4 months a year ago. A supply of six to seven months is seen as a healthy balance between supply and demand. (The story refiles to correct typo in headline) Reporting by Lindsay Dunsmuir; Editing by Andrea Ricci for-phone-only for-tablet-portrait-up for-tablet-landscape-up for-desktop-up for-wide-desktop-up
WASHINGTON (Reuters) - U. S. home sales fell more than expected in September as the market continues to struggle with a dearth of properties for sale, especially for cheaper homes. FILE PHOTO: A new home is seen under construction in Los Angeles, California, U. July 30, 2018. REUTERS/Lucy Nicholson The National Association of Realtors said on Tuesday that existing home sales fell 2. 2% to a seasonally adjusted annual rate of 5. 38 million units last month, reversing two straight months of gains. August's sales pace was upwardly revised to 5. 50 million units. Economists polled by Reuters had forecast existing home sales declining 0. 7% to 5. 45 million units. The U. Federal Reserve has cut interest rates twice this year, which has bolstered the housing market by lowering mortgage rates. Investors expect another interest rate cut when policymakers meet next week. The 30-year fixed mortgage rate has dropped more than 125 basis points since last November's peak to an average of 3. 69%, according to data from mortgage finance agency Freddie Mac.