US October new home sales 745K vs 800K expected
US home sales stumble in October
- Prior was 800K (revised to 742K)
- Sales +0.4% vs +14.0% prior
- Median sale price +17.5% y/y
- 6.3 months of supply
That's a poor number and a weak revision. Home builders are struggling to market homes because of price fluctuation and uncertainty about when homes can be delivered. Instead, they're marketing homes further along in the construction cycle. That will continue to lead to lumpy numbers.
On the surface though, this is an undeniable negative.