New Home Sales did not really rise, they fell nearly 7 percent

Mike “Mish” Shedlock's Sitka Pacific Capital Management,Llc

Inaccurate and misleading headlines on new home sales is one of the themes for today.

Huge Negative Revisions

The Census Bureau's New Residential Construction Report shows huge negative revisions for September.

Sales: New Home Sales Sales of new single‐family houses in October 2021 were at a seasonally adjusted annual rate of 745,000. This is 0.4 percent above the revised September rate of 742,000, but is 23.1 percent below the October 2020 estimate of 969,000.
Sales Price: The median sales price of new houses sold in October 2021 was $407,700. The average sales price was $477,800.
For Sale Inventory: The seasonally‐adjusted estimate of new houses for sale at the end of October was 389,000.
Supply: This represents a supply of 6.3 months at the current sales rate.

New Homes Sold

Last month the census department reported a whopping 800,000 homes sold at a seasonally-adjusted annualized rate.

This month the census department reports sales as 745,000 SAAR.

This was a reported "increase" in sales of 0.4% over the revised September numbers of 742,000 SAAR.

Actually, new home sales fell 6.9% from the September report.

Author

Mike “Mish” Shedlock's

Sitka Pacific Capital Management,Llc

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