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October 25, 2017 By Peter Boockvar

New home sales spike but…


New home sales in September totaled 667k, well more than the forecast of 554k and up from 561k in August. It’s the most since October and it all has to do with a huge spike in the South where sales jumped 26% m/o/m. We can call this a hurricane distorted figure with respect to the timing of contract signings. With the number of homes for sale remaining the same as in August, months’ supply fell by a full month to 5.0 from 6.0. The median home price was up by 1.6% y/o/y but this figure tends to be very volatile month to month depending on the sales mix.

Bottom line, September saw a big jump in sales but because of the outsized influence of the contract signings in the South where timing was likely skewed by the storms, it’s probably best to average the August/September pace and that would be 614k which is about in line with the year to date average of 609k. Looking past the upside beat was the US Treasury market too where yields are exactly where they were just prior to the release of the data.

NEW HOMES SALES IN THE SOUTH since the peak in 2005

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About Peter

Peter is the Chief Investment Officer at Bleakley Advisory Group and is a CNBC contributor. Each day The Boock Report provides summaries and commentary on the macro data and news that matter, with analysis of what it all means and how it fits together.

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Disclaimer - Peter Boockvar is an independent economist and market strategist. The Boock Report is independently produced by Peter Boockvar. Peter Boockvar is also the Chief Investment Officer of Bleakley Financial Group, LLC a Registered Investment Adviser. The Boock Report and Bleakley Financial Group, LLC are separate entities. Content contained in The Boock Report newsletters should not be construed as investment advice offered by Bleakley Financial Group, LLC or Peter Boockvar. This market commentary is for informational purposes only and is not meant to constitute a recommendation of any particular investment, security, portfolio of securities, transaction or investment strategy. The views expressed in this commentary should not be taken as advice to buy, sell or hold any security. To the extent any of the content published as part of this commentary may be deemed to be investment advice, such information is impersonal and not tailored to the investment needs of any specific person. No chart, graph, or other figure provided should be used to determine which securities to buy or sell. Consult your advisor about what is best for you.

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