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.