Afternoon Note
New home sales in for October were up a whopping 6.2% versus an expected decline of 6.0% driven by super strong growth in the Northeast.
Median home prices declined to $312,800 from $324,900 month to month, but the average price of $400,200 is a new record, up from $381,000 sequentially and $352,200 from a year ago. There will continue to be upward pressure on prices as months’ supply dipped to just 4.9 months from 5.2.
New Home Sales Change |
Northeast |
Midwest |
South |
West |
---|---|---|---|---|
Month/Month |
+30.2% |
+17.9% |
+4.9% |
+6.4% |
Year/Year |
+64.7% |
+16.2% |
+14.0% |
+13.7% |
The broad market continues to mark time as it consolidates gains and money rotates out of some tech names. Yet, this feels more like a crouch and spring market rather than walking past a graveyard. With that in mind, there will be market-moving news over the next two weeks that could spark more anxiety and even some selling pressure.
At midday, the Dow is in the green, with the Nasdaq and S&P500 in negative territory. Decliners outpaced advancers 1763/1128 on the NYSE and 1687/1150 on the Nasdaq.
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