New Home Sales Stellar, Despite October Revision

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Posted To: MND NewsWire

New home sales pulled off another surprise in November. Sales had posted monthly gains of 6.2 percent and 14.2 percent in September and October, landing at a reported post-recession high of 685,000. Analysts, at least those polled by Econoday, had expected the November sales to settle back into a 650,000-unit annualized rate. Instead, those sales were up again, this time by 17.5 percent. Sadly however, the much-heralded October gains evaporated on revision. …but the good news first. The November blowout brought the seasonally adjusted rate to 733,000 units which is 26.6 percent higher than sales in November 2016, even as the U.S. Census Bureau and the Department of Housing and Urban Development adjusted October sales down significantly to 624,000 units, completely wiping out the September…(read more)

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