New home sales unexpectedly rise in October, sale prices increase
Nov. 23, 2022 10:01 AM ETRocket Companies, Inc. (RKT), UWMC, RDFN, HOUS, RMAX, PHM, KBH, DHI, ITBBy: Liz Kiesche, SA News Editor6 Comments
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- October New Home Sales: +7.5% M/M to 632K vs. 575K consensus and 588K prior (revised from 603K).
- -5.8% from October 2021.
- The median sales price of new houses sold in October was $493.0K, up from $470.6K in September. The average sales price was $544.0K vs. $517.7K in the prior month.
- The estimate of new houses for sale at the end of October was 470K, a supply of 8.9 months at the current sales rate, compared with 462K, or 9.2 months' supply, in September.
- Homebuilder, real estate brokerage and mortgage lender stocks are mostly in the green in Wednesday morning trading. iShares U.S. Home Construction ETF (BATS:ITB) gained 0.8% in early trading, with D.R. Horton (NYSE:DHI) rising 1.1%, KB Home (NYSE:KBH) +0.5%, and PulteGroup (NYSE:PHM) +0.6%; Re/Max Holdings (RMAX) +0.6%, Anywhere Real Estate (NYSE:HOUS) -0.2%, Redfin (NASDAQ:RDFN) +0.6%, Rocket Companies (NYSE:RKT) +0.9%, and UWM Holdings (NYSE:UWMC) +0.5%.
- Earlier, durable goods orders jumped more than expected in October