USA New Home Sales (MoM) For August -4.7% Vs 10.3% Prior (Revised From 10.6%)
Portfolio Pulse from Benzinga Newsdesk
The USA new home sales for August decreased by 4.7% compared to a revised increase of 10.3% in the previous month. This decline may impact the housing market and related sectors.
September 25, 2024 | 2:01 pm
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The decline in new home sales by 4.7% in August could negatively impact the SPY ETF, as it reflects a slowdown in the housing market, which is a significant component of the US economy.
SPY, as an ETF that tracks the S&P 500, is influenced by macroeconomic indicators like housing sales. A 4.7% decline in new home sales suggests a potential slowdown in economic activity, which could weigh on SPY's performance.
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