New home sales: preview: recent bounce seems transitory - Nomura
|Analysts at Nomura offered a preview of the next key housing data from the United States.
Key Quotes:
"We expect a 0.6% m-o-m decline in new home sales to 625k saar in September following a rebound in August which appears transitory (Consensus: -0.6% to 625k).
New home sales increased strongly by 3.5% to 629k saar in August as sales in the Northeast rebounded sharply and sales activity in the West continued to recover after a slowdown in Q2.
Some of the strong rebound in the Northeast will likely revert in September. Moreover, the landfall of Hurricane Florence in North Carolina and South Carolina may have disrupted sales activity in the South and pose some downside risk to the September report.
However, considering a strong 2.9% m-o-m rebound in the volume of mortgage loan applications for purchase in September following a 7.2% decline in August, it is possible to see healthy sales activity in other regions."
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.