New Home Sales reached a six-year high, as reported by the Commerce Department, with sales increasing 0.2 percent to an annual rate of 467,000 units. However, August had a sharp downward revision of 466,000 from 504,000.
Price concessions may be behind the rise in sales, as the median price dropped nearly 10 percent to $259,000. The year-over-year rate of -4.0 percent is only the second negative reading in the last two years.
Initially, the S&P 500 sold off on the report, but it has since regained the levels it was at prior to the release.
Shares of the Homebuilder ETF (NYSE: XHB) were trading lower by 0.36 percent at 30.68.
Posted-In: News Econ #s Markets
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