Last Update: 25-Nov-15 10:44 ET
New Home Sales
- New home sales in October were at a seasonally adjusted annual rate of 495,000. That was below the Briefing.com consensus estimate of 504,000, but up 10.7% from a downwardly revised September reading of 447,000 (from 468,000).
- September marked the lowest number of new homes sold since July 2014.
- Sales were helped along by a 6.0% decline in the median sales price to $281,500 (down 8.5% month-over-month). That was the first year-over-year decline in the median sales price since September 2014.
- The Northeast saw a huge 135.3% jump in new home sold after sales declined 47% in September. Elsewhere, new home sales increased 5.3% in the Midwest and 8.9% in the South. The West, however, saw new home sales slip 0.9%.
- At the current sales pace, there is a 5.5 months' supply of inventory, which is down from an upwardly revised 6.0 months' supply (from 5.8) seen in September.
- The spike in October sales was good to see but it wasn't all that it appeared to be given the reduced September base.
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