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New Home Sales

September 26, 2012 – 5:05 pm

This morning new home sales for August was a little disappointing coming in at 373,000 with last month’s numbers revised upward to 374,000 from 372,000. The experts were looking for 380,000. Month to month
numbers are a little erratic so it is hard to gauge the trend by looking at a couple months. The long term trend is improving.

A big surprise that offsets the disappointing number of homes sold was the average price which rocketed up 11.2%. That is the largest one month gain in prices ever! The home builders should be happy. They got 11.2% more for their houses without building 11.2% more houses. At the same time inventory remained steady at 4.5 months.

The top line number was disappointing but the good news was in the details.

Good Trading,
Steve Peasley

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