New Home Sales Stronger Than Expected
- New Home Sales 444k vs 428 forecast, 354k previously
- Single Family Sales +25.4 pct, biggest rise since 1980
- Median prices $245.8k, down 0.6 pct year over year
Market Reaction: Taken in and of itself, this would have a negative impact on MBS prices, but the ISM data out at the same time is a more potent market mover. As such, bond markets are slightly improved since 10am, but this New Home Sales data has likely limited the positive bounce.
Sales of new single-family houses in October 2013 were at a seasonally adjusted annual rate of 444,000, according to
estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development.
This is 25.4 percent (±19.2%) above the revised September rate of 354,000 and is 21.6 percent (±15.6%) above the
October 2012 estimate of 365,000.
The median sales price of new houses sold in October 2013 was $245,800; the average sales price was $321,700. The
seasonally adjusted estimate of new houses for sale at the end of October was 183,000. This represents a supply of 4.9
months at the current sales rate.