CIBC says: "Sales of new homes rose by a little under 8% to a 421K annual rate in August, in line with consensus expectations albeit reversing only around half of the sharp drop in the prior month. Sales of new homes could stay off those year-to-date highs for a few months yet with higher interest rates appearing to be impacting demand. Supply doesn't seem to be as much of a factor, with months' supply, despite falling to 5.0, still well above levels earlier in the year. Sales in the South were up particularly sharply in August, reversing most of the decline in the prior month. However, sales in the West continued to decline. Overall little market reaction expected from the near-consensus print."
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
