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- US: New Home Sales rise by 0.4% in October compared to September's 7.1% surge
US: New Home Sales rise by 0.4% in October compared to September's 7.1% surge
- New Home Sales grew 0.4% in October.
- New Home Sales growth in September received a hefty downgrade to 7.1% from 14%.
- Thus, the number of sales over the past 12 months came in at just 745K, versus last month's estimate of 800K prior to revisions.
Following a 7.1% (downwardly revised from 14.0%) surge in sales in September, New Home Sales in the US rose by a modest 0.4% in October, data published by the US Commerce Department showed on Wednesday.
Given the hefty downwards revision to the September figure, instead of rising to 800K, the number of New Home Sales over the past 12 months rose to just 745K from 742K in September. Note that last month's New Home Sales over the past 12 months figure was revised lower from 800K.
Market Reaction
Despite New Home Sales over the past 12 months running at a much slower pace than thought prior to Wednesday's data release, FX markets have not seen any reaction to the data.
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