Photo: Iduke, Wikimedia Commons
The number is out, and it’s good.New home sales grew at a 5.7% month to month, coming in at at 317K annualized rate.
This is much better than the expectations of 1.7% growth.
Anyway, now you know why the homebuilding ETF has surged by over 30% since the beginning of October.
Original post: There are barely any new home sales happening in America, but given the recent rally in the homebuilders, this might be interesting.
Analysts are expecting new home sales at a 300K annualized clip in September. That would be a 1.7% sequential jump.
More to come when the number is out at 10.00.