New Home Sales Highest in 12 Years
The Census Bureau reports New Home Sales of new single‐family houses in October 2019 were at a seasonally adjusted annual rate of 733,000.
Because of a huge upward revision, sales fell 0.7 percent below the revised September rate of 738,000, but is 31.6 percent above the October 2018 estimate of 557,000.
The median sales price of new houses sold in October 2019 was $316,700. The average sales price was $383,300.
For Sale Inventory and Months’ Supply
The seasonally‐adjusted estimate of new houses for sale at the end of October was 322,000. This represents a supply of 5.3 months at the current sales rate.
Home Sales Regain Trendline
Homes sales are much better than expected but the year-over-year 36.6% rise is also based on the easiest comparison in 12 years.
Things are back on the trendline from 2011.
Mike "Mish" Shedlock