New home sales continue to bounce along the bottom, with the November number coming in at 290K, 10K below expectations. This number will likely be revised lower next month, just like the October number was which ended up being not 283K but 275K, the lowest in pretty much forever. Months supply came at 8.2, a decline from the 8.8 in October. The news is sufficiently bad for the robots to push stocks higher.
From the release:
Sales of new single-family houses in November 2010 were at a seasonally adjusted annual rate of 290,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 5.5 percent (±16.2%)* above the revised October rate of 275,000, but is 21.2 percent (±13.3%) below the November 2009 estimate of 368,000.
The median sales price of new houses sold in November 2010 was $213,000; the average sales price was $268,700. The seasonally adjusted estimate of new houses for sale at the end of November was 197,000. This represents a supply of 8.2 months at the current sales rate.
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