02:20 PM EST, 11/25/2024 (MT Newswires) -- US new single family home sales are expected to slow to a 725,000 annual rate in October, based on a survey compiled by Bloomberg, after rising by 4.1% to a 737,000 rate in September.

Sales would still be well above the 673,000 annual rate reported in October 2023.

The data are scheduled to be released at 10:00 a.m. ET Tuesday.

Supply of new homes for sale was well above its year-ago level in last month's report for September, while prices were only slightly higher than a year earlier.

Recent mortgage application data from the Mortgage Bankers Association have shown that mortgage rates rose through October and moved higher in November after the election.

Home building data for October released on Nov. 19 showed declines for building permits, housing starts and home completions.

The National Association of Home Builders reported on Nov. 18 that builders' sentiment improved in November due to expectations for lower regulatory burdens under the Trump administration that are forecast to boost home building.

Single-family existing-home sales rose by 3.5% in October and were up 4.1% from a year earlier, the National Association of Realtors reported on Nov. 21.

The supply of single-family existing homes for sale jumped by 17.8% over the same 12-month period, but the median sales price was still 4.1% higher than the level in October 2023.