Victory! A slew of positive housing news two days before Thanksgiving Day.
First, new home sales rose 733K in October, continuing the best two months in 12 years. Second, home price growth rose a bit to 2.10% YoY for the 20 largest metro areas while hourly earnings growth is above 2.10% at 3.49% YoY.
(Bloomberg) — Buyers snapped up new U.S. homes over the past two months at the fastest pace in more than 12 years, adding to signs of sturdy housing demand amid lower prices and borrowing costs.
Single-family house sales ran at a 733,000 annualized pace in October, topping all estimates in a Bloomberg survey, following an upwardly revised 738,000 in September, government data showed Tuesday. Those were the two strongest readings since July 2007. The median sales price decreased 3.5% from a year earlier to $316,700.
And median price of new home sales continue to decline.
And on the Case-Shiller home price front, average hourly earnings growth in finally exceeding home price growth!
Happy Thanksgiving! And I wish Fed Chair Jerome Powell and former Fed Chair Janet Yellen a joyous day.