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New Home Sales Smash Expectations: Spike To 10 Year Highs As Average Price Tops $400k For First Time

Following the bounce in exisitng home sales (albeit lower YoY), new home sales ripped back higher in October (up 6.2% vs expectations of a 6.1% drop) following a big downward revision of last month's manic spike. This is the highest print for new home sales since Nov 2007.

The 6.2% surge is a six standard deviation beat of expectations...

September's 18.9% spike was revised notably lwoer to a 14.2% jump to 685k SAAR...

 

This is the highest new home sales SAAR print since Nov 2007... but still has a long way to go back to 'normal'...

And finally, we note that the average new home sales price hit a new record high, above $400K for the first time ever - $400,200.