Huge Downward Revision In August New Home Sales
New home sales were flat in September after a big downward revision to August's report.
New home sales rose 0.2% to an annualized pace of 467,000 in September, while August's blowout number was revised down to a pace of 466,000 from a prior report of 504,000.
Expectations were for new home sales to fall 6.8% in September to an annualized selling rate of 470,000, down from August's 18% increase to an annualized rate of 504,000.
Last month's report was a blowout, topping expectations for an increase of just 4.4% and marking the biggest beat for new home sales relative to expectations in more than four year.
In a note to clients ahead of the report, Ian Shepherdson at Pantheon Macro said, "We look for mean-reversion today against a rising trend, implying September sales will be reported at about 475K, down from 504K in August. But be prepared for a surprise, in either direction."
Next Story
I spent $2,000 for 7 nights in a 179-square-foot room on one of the world's largest cruise ships. Take a look inside my cabin.
Saudi Arabia wants China to help fund its struggling $500 billion Neom megaproject. Investors may not be too excited.
Colon cancer rates are rising in young people. If you have two symptoms you should get a colonoscopy, a GI oncologist says.
Mukesh Ambani’s JioCinema cuts subscription prices as India’s streaming war heats up
Data Analytics for Decision-Making
Experts warn of rising temperatures in Bengaluru as Phase 2 of Lok Sabha elections draws near
Axis Bank posts net profit of ₹7,129 cr in March quarter
7 Best tourist places to visit in Rishikesh in 2024
