New home sale rose 0.4% MoM (better than the expected unchanged print), but this hid the dramatic downward revisions of prior data (September’s +14.1% MoM spike smacked down to +7.1% MoM). New home sales remain down over 23% YoY… Source: Bloomberg
The downward revisions dominated the narrative… This pushed the New Home Sales SAAR to 745k – the highest since April. Source: Bloomberg
There were 389,000 new homes for sale as of the end of October, the most in 13 years — though 28% of those houses were not yet started. At the current sales pace, it would […]
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