New Home Sales data is in.
The New Home Sales indicator is typically viewed as a more real time indicator of the housing market, due to the fact that new sales are logged when contracts are signed, unlike existing home sales, which tends to lag a few months (looking back in time).
New Home Sales were in at 1222K, under analysts estimates of 1250K. Also interesting is the fact that the September 2005 numbers were approximately 0.1% lower than September 2004.
Some other interesting tidbits, the median home price fell 5.7% this month, to $215,700, and inventory of new homes is at an all time high of 493,000 units. With prices falling, and inventory at an all time high, it’s hard to see this boom continuing much longer.