Afternoon Note
New home sales for November rose 1.3% to 719,000 units, from October’s revised 710,000 units. Year over year, new homes sales increased 16.9%. The current inventory supply decreased to 5.4 months from October’s 5.5 month supply. The housing markets continues to lack supply, especially on the lower end, making it difficult for first time homebuyers.
The median sales price rose 7.2% year over year to $330,800, while the average sales price was up 5.8% year over year to $388,200. The Northeast grew the fastest, up 52.4% followed by the West, up 7.5%. The Midwest was flat, and the South saw a decline of 4.1%. Homes under $400,000 made up 65% of new homes sold, which declined form 69% in October and from 71% in the prior year period.
The holiday cheer continues as we approach Christmas. The markets will close tomorrow at 1.
NYSE
Nasdaq
Apple (AAPL) is higher again today on the back of another upgrade, this time from Wedbush, which raised its price target from $325 to $350. AAPL is currently up 1.5%.
Industrials is leading the S&P higher, as Boeing (BA) shares are up 3% after news that CEO Dennis Muilenburg is resigning. The safe-haven sectors such as Utilities are among the weakest sector today.
S&P 500 Index |
|
+0.17% |
Communication Services (XLC) |
-0.06% |
|
Consumer Discretionary (XLY) |
+0.01% |
|
Consumer Staples (XLP) |
-0.16% |
|
Energy (XLE) |
+0.71% |
|
Financials (XLF) |
-0.21% |
|
Health Care (XLV) |
+0.33% |
|
Industrials (XLI) |
+0.81% |
|
Materials (XLB) |
+0.34% |
|
Real Estate (XLRE) |
-0.31% |
|
Technology (XLK) |
+0.43% |
|
Utilities (XLU) |
-1.15% |
On the deal front, Brookfield Infrastructure (BIP) is buying Cincinnati Bell (CBB) for $2.6 billion in cash.
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