by Bill McBride on 11/29/2007 10:10:00 AM
Thursday, November 29, 2007
According to the Census Bureau report, New Home Sales in October were at a seasonally adjusted annual rate of 728 thousand. Sales for September were revised down substantially to 716 thousand, from 770 thousand. Numbers for July and August were also revised down.
This is another VERY weak report for New Home sales. The stunning - but not surprising - downward revision to the August and September sales numbers was extremely ugly. This is the third report after the start of the credit turmoil, and, as expected, the sales numbers are very poor.
I expect these numbers to be revised down too - perhaps below 700K. More later today on New Home Sales.