281,000 annualized rate of new home sales is a huge miss, and a huge drop from the 307K last month.
The good news is that a bad number is probably good because the last thing we need is new homes being sold.
Here’s the full announcement from the NAR, which blames, in part, the foreclosure-gate stuff.f
Background: This is a number that’s just kicking along the bottom of the ocean floor. Analysts are expecting October new home sales to annualize 314K (by comparison, existing home sales are well over 4 million annualized). Last month was at 307K.