The number: Ok, so it was a little better than expectations.
There were 307k new home sales in September. The month-over-month gain was 6.6%.
But really, this number is just horrendously low still.
Inventory is down to 8 months.
This isn’t mucho f a market-mover.
Background: Analysts are looking for a pretty paltry 299K. That’s up very slightly from the 288K last month, which was horrible of course.
By way of comparison, existing home sales are running at an annualized 4.5 million rate.
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