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Afternoon Note

Home Sweet Home

By Charles Payne, CEO & Principal Analyst
11/27/2017 1:10 PM
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New home sales in for October were up a whopping 6.2% versus an expected decline of 6.0% driven by super strong growth in the Northeast. 

Median home prices declined to $312,800 from $324,900 month to month, but the average price of $400,200 is a new record, up from $381,000 sequentially and $352,200 from a year ago.  There will continue to be upward pressure on prices as months’ supply dipped to just 4.9 months from 5.2.

New Home Sales Change

Northeast

Midwest

South

West

Month/Month

+30.2%

+17.9%

+4.9%

+6.4%

Year/Year

+64.7%

+16.2%

+14.0%

+13.7%

The broad market continues to mark time as it consolidates gains and money rotates out of some tech names. Yet, this feels more like a crouch and spring market rather than walking past a graveyard.  With that in mind, there will be market-moving news over the next two weeks that could spark more anxiety and even some selling pressure.  

At midday, the Dow is in the green, with the Nasdaq and S&P500 in negative territory.  Decliners outpaced advancers 1763/1128 on the NYSE and 1687/1150 on the Nasdaq. 

 


 

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