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The U.S. Commerce Department released new home sales data on Monday. New home sales dropped 11.5% to a seasonally adjusted annual rate of 468,000 units in September from 529,000 units in August. August's figure was revised down from 552,000 units. It was the highest figure since February 2008.
Analysts had expected new home sales to reach 550,000 units.
The decline was driven by lower sales in the Northeast. New home sales in the Northeast plunged 61.8% in September.
This data points to a cooling in the U.S. housing market.
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