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.

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.