Sluggish summer new home sales revised down further

|By:, SA News Editor

Higher interest rates took more of a bite out of home sales than originally thought, with today's New Home Sales release revising August sales 10% lower than previously reported, and June and July down 0.9% and 4.4%, respectively.

September sales - which weren't reported last month due to the shutdown - of 354K units (seasonally adjusted) were off 6.6% from August's downwardly revised figure and 7.8% below a year earlier, the first time in nearly 2 years sales fell on a Y/Y basis.

The October report may have made up for it all - 444K in sales is a whopping 25% higher than September. November's print should be especially noteworthy to see if the big October number gets revised lower, or if sales have truly rebounded from a sluggish summer and early fall.

XHB -0.9%, ITB -0.8%.