Afternoon Note
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.
Tweet |
3/28/2024 1:39 PM | Fruitful Quarter |
3/28/2024 9:50 AM | LISTEN TO THE MARKET |
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3/27/2024 9:32 AM | U-TURN? |
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3/26/2024 9:42 AM | TAPPED OUT (I HOPE YOU AT LEAST GOT A T-SHIRT) |
3/25/2024 1:33 PM | Not A Mutiny |
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3/22/2024 12:56 PM | Toll on Americans |
3/22/2024 9:38 AM | A TAD TIRED |
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3/21/2024 9:30 AM | A COMFORTING FED |
3/20/2024 1:33 PM | Pivotal Moment |
3/20/2024 10:00 AM | HERE COMES THE FED |
3/19/2024 1:33 PM | Picking Up Steam |
3/19/2024 9:35 AM | RUMBLINGS IN THE BOND MARKET |
3/18/2024 1:48 PM | Mag 7 is Back |
3/18/2024 9:39 AM | THE PARTY IN SAN JOSE WILL BE LIT |
3/15/2024 1:38 PM | Realtors Settle |
3/15/2024 9:33 AM | AN UNEASY PAUSE |
3/14/2024 1:43 PM | Sticky Inflation |
3/14/2024 9:48 AM | GOING TO A GO-GO |
3/13/2024 2:16 PM | Taking a Breather |
3/13/2024 9:51 AM | ALL SO EPIC |
3/12/2024 1:42 PM | Marching Higher |
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