The 1.9% October U.S. new home sales drop
The 1.9% October U.S. new home sales drop to a lean 563k clip followed big downward revisions extending back to the July expansion-high of 622k (was 629k) to leave a weak report, and analysts now expect a 574k pace in Q4 that trims some of the Q3 spike to a cycle-high 588k (was 599k) average from prior rates of 565k in Q2 and 529k in Q1. New home sales have still risen 108% from the 273k record-low in February of 2011, alongside smaller cyclical climbs of 44% for pending home sales and 62% for existing home sales from lows in 2010. Analysts saw big cyclical climbs of 177% for housing starts and 140% for permits from lows in 2009, and 150% for new home construction from a low in 2011. The climb from cycle-lows for the various housing measures has been erratic since the Fed's "taper tantrum" in mid-2013, and later market turmoil in early-2016. The climb has been weaker for the various sales measures than for the construction aggregates.