Hot air is hissing out of this market.
Sales of new single-family houses in September plunged 18% from September a year ago, not-seasonally adjusted, to just 41,000 new single-family houses, according to estimates that the Census Bureau and the Department of Housing and Urban Development jointly reported this morning.
In terms of the seasonally adjusted annual rate of sales, which projects what sales for an entire 12-month period would be based on the sales in September: It plunged 13% from September last year to an annual rate of 553,000 houses. Single-family house sales account for about 10% of total home sales. This data is volatile and is subject to big adjustments, but after a while, the trends are starting to be unignorable: