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JPM economist Daniel Silver cited a...>

US DATA REACT
US DATA REACT: JPM economist Daniel Silver cited a "big upside surprise for new
home sales" as "new single-family home sales series surprised significantly to
the upside in September and there were modest upward revisions to the figures
reported for June, July, and August. Sales surged 18.9% to 667,000 saar in
September, with this latest reading the strongest month for sales since October
2007."
- But he cited "several reasons" to "be reluctant to believe" homes sales'
"upbeat message" as "home sales data are frequently choppy and revisions can be
significant over time. We should also keep in mind that the average pace of new
home sales still declined modestly between the second and third quarters even
with the large September jump. It is also possible that the latest increase
reflected some payback from storm-related disruptions, as a big gain in the
South pushed the national data higher (there were also gains in the other three
reported regions during the month). And perhaps most importantly, this recent
surge in activity has not been evident in a number of the other housing
indicators that we track."

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