New US Single-Family Home Sales Fall From Prior Month — But Are Up From A Year Ago As Mortgage Rates Decline
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Sep 25 2024
0mins
Source: Benzinga
Sales Trends: Single-family home sales fell 4.7% in August compared to July, but increased by 9.8% year-over-year, with the West region experiencing the largest decline of 17.8%. Overall home sales, including other types of residences, dropped 2.5% from July.
Market Outlook: Despite disappointing sales figures, lower mortgage rates and increasing inventory are expected to create a favorable environment for future sales growth, as noted by NAR chief economist Lawrence Yun.
Analyst Views on PLD
Wall Street analysts forecast PLD stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for PLD is 134.77 USD with a low forecast of 118.00 USD and a high forecast of 155.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
14 Analyst Rating
9 Buy
5 Hold
0 Sell
Moderate Buy
Current: 131.140
Low
118.00
Averages
134.77
High
155.00
Current: 131.140
Low
118.00
Averages
134.77
High
155.00
About PLD
Prologis, Inc. is a fully integrated real estate company. The Company operates through two segments: Real Estate (Rental Operations and Development) and Strategic Capital. Its Real Estate Segment represents the ownership and development of operating properties. The Real Estate Segment also includes development activities that lead to rental operations, including land held for development and properties under development, and other real estate investments, including renewable energy assets. Strategic Capital Segment represents the management of unconsolidated co-investment ventures. The Company is the general partner of Prologis, L.P. (the Operating Partnership or OP). Through the OP, it is engaged in the ownership, acquisition, development and management of logistics facilities with a focus on key markets in approximately 20 countries on four continents. It operates, manages and measures the operating performance of its properties on an owned and managed (O&M) basis.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
