Home Sweet Home
Charles Payne | November 28, 2017

New home sales in for October were up a whopping 6.2% versus an expected decline of 6.0% driven by super strong growth in the Northeast. 

Median home prices declined to $312,800 from $324,900 month to month, but the average price of $400,200 is a new record, up from $381,000 sequentially and $352,200 from a year ago.  There will continue to be upward pressure on prices as months’ supply dipped to just 4.9 months from 5.2.

New Home Sales Change
Northeast
Midwest
South
West
Month/Month
+30.2%
+17.9%
+4.9%
+6.4%
Year/Year
+64.7%
+16.2%
+14.0%
+13.7%

The broad market continues to mark time as it consolidates gains and money rotates out of some tech names. Yet, this feels more like a crouch and spring market rather than walking past a graveyard.  With that in mind, there will be market-moving news over the next two weeks that could spark more anxiety and even some selling pressure.  

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