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New Home Sales Blowout; Prices Defying Gravity, but so are Rates

New Home Sales Blowout; Prices Defying Gravity, but so are Rates

Analysts had predicted new home sales number would retreat again in September, on the heels of a 9.4 percent loss in August. Whoops! September's results from the U.S. Census Bureau and the Department of Housing and Urban Development were far beyond anyone's expectations. Sales of newly constructed single-family homes were at a seasonally adjusted annual rate of 667,000 units, an 18.9 percent month-over-month increase and 17 percent above the September 2016 pace. The earlier estimate for August was revised upward, but only by 1,000 units to 561,000. Analysts polled by Econoday had expected sales to be in the range of 540,000 to 590,000. The consensus was 555,000. On a non-adjusted basis there were 52,000 new homes sold during the month compared to 45,000 in August. Despite two hurricanes hitting
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