New home sales boom
Witness the power of ultra-low interest rates.
US new home sales crushed Wall Street estimates, rising to over 1 million annual rate in August for the first time in nearly 15 years since the Great Recession.
The result was miles above expectations of around 900,000 seasonally adjusted annual rate.
That's a thumping +43.2 per cent year-on-year increase for the biggest year-on-year increase in almost three decades.
This is the biggest result for new home sales since 2006.
The results for the previous 3 months were significantly revised upwards too.
Supply is now down 40 per cent year-on-year, and sits at an all-time record low for months of supply.
There's bound to be some volatility in the numbers this year, but this was a monster result that has astonished analysts...
