Sluggish Sales

At 458,000, October’s annualized new home sales were flat. In September they were 455,000 and in August a whopping 453,000. Worse, inventory actually inched up from 5.5 months to 5.6 months and actual sales in October were 37,000 up 1,000 from last October suggesting more construction activity isn’t warranted. Add to this decelerating growth in existing home prices and you have a new housing market continuing to go nowhere slowly.