Home Sales Data At 10AM: Brace For Impact

Existing home sales (NAR) and new home sales (Commerce Department) due out at 10AM ET. Here are the relevant trends:

New Home Sales: Consensus 420,000. October new home sales were at a seasonally adjusted annual rate of 433,000, is 5.3 per cent below the revised September of 457,000 and is 40.1 per cent below the October 2007 estimate of 723,000. The median sales price of new houses sold in October 2008 was $218,000; the average sales price was $272,300. The seasonally adjusted estimate of new houses for sale at the end of October was 381,000. This represents a supply of 11.1 months at the current sales rate.

Existing Home Sales: Consensus 4.93 million.  October existing home sales fell 3.1 per cent to a seasonally adjusted annual rate1 of 4.98 million units in October from a downwardly revised pace of 5.14 million in September, and are 1.6 per cent below the 5.06 million-unit level in October 2007… Total housing inventory at the end of October slipped 0.9 per cent to 4.23 million existing homes available for sale, which represents a 10.2-month supply2 at the current sales pace, up from a 10.0-month supply in September… The national median existing-home price3 for all housing types was $183,300 in October, down 11.3 per cent from a year ago when the median was $206,700…

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