Today, the U.S. Census Department released its monthly New Residential Home Sales Report for October. It showed a notable increase, with sales climbing a whopping 25.4% from September and rising 21.6% above the level seen in October 2012, remaining at a historically low level of 444K SAAR units. It's important to note that today's results were likely skewed by the recent government shutdown, with additional months results required to determine if the jump is lasting or just some noise in the data.
The monthly supply decreased to 4.9 months, while the median selling price declined 0.57% and the average selling price increased 12.72% from the year-ago level. The following chart shows the extent of sales decline to date.