New home sales in the South were up in October, despite a national drop, according to the latest data from the Census Bureau.
- M-O-M: Sales of new single‐family houses in the South were at a seasonally adjusted annual rate of 440,000, up 2.1% from September and the highest level since June.
- Y-O-Y: New home sales are up 19.2% when compared to the same time last year.
National. Sales of new single‐family houses were at a seasonally adjusted annual rate of 679,000 in October, down 5.6% from September but still up 17.7% when compared to the same time last year.
- A big swing and a miss for economists who were projecting that that sales would actually rise 0.5% in October.
- Months supply of new home sales for sale rose to 7.8 in October, up from 7.2 in September and the highest level since August.
Almost Two Thirds. The dominance of the South continued in October with new homes sales rising while national sales fell. The South now represents 65.0% of ALL NATIONAL new home sales.