While September’s new home sales rate came in below expectations at 593,000/year and August’s number was revised down to 575,000 from 609,000, sales are up 13% YTD. Moreover, the home ownership rate rose from 63.1% in 16Q1 to 63.4% in 16Q2, the largest quarterly gain in 12 years.  Pending sales are up 2.4% Y-o-Y and have risen Y-o-Y for 22 of the last 25 months. Housing steadily, albeit unspectacularly, improves.