Sales of newly built, single-family homes decreased 0.7% to a seasonally adjusted annual rate of 701,000 units in September off a downwardly revised reading in August, according to newly released data by the U.S. Department of Housing and Urban Development and the U.S. Census Bureau. On a year-to-date basis, new home sales for 2019 are 7.2% higher than the same period in 2018.

Single-family gains helped offset a drop in multifamily production as total housing starts edged 0.9% lower in June to a seasonally adjusted annual rate of 1.25 million units, according to a report from the U.S. Housing and Urban Development and Commerce Department.