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.
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4/17/2024 1:59 PM | Facing Pressure |
4/17/2024 9:37 AM | POWELL STILL WANTS TO HELP |
4/16/2024 1:35 PM | Muted |
4/16/2024 9:42 AM | FEAR ARRIVES |
4/15/2024 1:17 PM | Making a Statement |
4/15/2024 9:45 AM | Equal Opportunity Drubbing |
4/12/2024 1:37 PM | Pressure Overall |
4/12/2024 9:42 AM | WHO YA GONNA CALL? |
4/11/2024 1:38 PM | No Urgency |
4/11/2024 9:27 AM | Tough Sledding |
4/10/2024 1:22 PM | Hang In There |
4/10/2024 9:51 AM | HERE COMES THE LATEST RATIONALE FOR PERSISTENT INFLATION |
4/9/2024 1:56 PM | Fighting the Trend |
4/9/2024 9:46 AM | NEXT TIME, MAKE IT A HOLIDAY |
4/8/2024 9:45 PM | Cautious Feel |
4/8/2024 7:19 AM | IT’S ECLIPSE DAY |
4/5/2024 1:51 PM | Higher and Cheaper |
4/5/2024 9:23 AM | MARKETS REEL ON BIDEN’S ISRAEL ULTIMATUM |
4/4/2024 1:42 PM | Stocks Bounce |
4/4/2024 9:31 AM | ESCAPING GRAVITY = ESCAPING REALITY? |
4/3/2024 1:41 PM | Cuts Not Soon |
4/3/2024 9:33 AM | A LITTLE LESS SWAGGER |
4/2/2024 1:16 PM | Under Pressure |
4/2/2024 9:49 AM | HIGHER PRICES & JOBS LOSS – “NO” ON FED BINGO CARD |
4/1/2024 10:00 AM | OF COURSE, HE CAN WAIT…THE DATA STILL NOT ADDING UP |
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