New Home Sales Were Broadly Higher

November 28, 2017

     When I first saw that new home sales increased, I naturally thought that a post-hurricane bump occurred.  But the increase was far broader:

The South region — which includes Texas and Florida — did increase; it rose 1.3%.  But notice the incredibly large increases in the NE — which rose 30.2% — and the Midwest — which was up 17.9%.

The top chart shows the NE region, which has increased 2 consecutive months and currently stands at a 5-year high.  The Midwest number is still within recently reported numbers. 
     While homes are expensive, mortgage rates are still fairly low:
This was a very encouraging report.

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