September New Home sales +3.1%, but prior month revised lower to 575K from 609K
Last week existing home sales came in stronger at 5.47M vs 5.35M estimate and prior month reading of 5.3M annualized units.
The new home sales - although up 3.1% - came in weaker on an annualized sales basis (593K vs 600K). The reason is the prior month was revised sharply lower to 575K from 609K.
- The supply of new homes is is at low 4.8 months (vs 4.9 months - low supply).
- Median new home prices 313,500, up 1.9%.YoY. The YoY level change is $5,900.
- The mean sale price came in at $377,700 up 2.7% YoY The YoY level change is $9,900
Despite the lower than expectations number, the sales remain near 9 year highs
