October new home sales -8.9% to 544k SAAR,..>

US DATA: October new home sales -8.9% to 544k SAAR, below the 576k rate 

exp. September sales were revised upwards to 597k and August sales were 

revised up to 591k. The Q4 average, at a 544k rate, stands below the 

598k average for Q3. 

-Sales were down in the Northeast (-18.5%), the Midwest (-22.1%), the 

South (-7.7%), and the West (-3.2%). 

-The supply of new homes for sale +4.3% to 336k, up 17.5% y/y, and the 

highest level since January 2009, when it was 341k. As a result of the 

decrease in sales, the months supply on market rose to 7.4 months, the 

highest since February 2011 (8.1 months), from 6.5 months in September, 

and was up from 5.6 months a year ago, showing that the supply remains 

adequate to meet demand. 

-The median new home sales price -3.6% to $309,700, -3.1% year over year.