Housing sales fell as expected in October. Right now the rate of sales is very slightly above the scorched earth benchmark, a rate equivalent to the worst six months of the financial crisis.
New listings fell faster than normal in October. They are slightly below an equivalent rate of the 2nd half of 2009, which was fairly low.
The sales to new listing ratio is 54% seasonally adjusted.
The last chart is a look at sales, new listings and inventory over the last few years. Another thing to note is that single family homes recorded their first year over year price drop since August 2009.
Here a few things to watch out for soon:
- U.S. Midterm election results (tonight and tomorrow)
- Quantitative Easing Round 2 (tomorrow)
- Labour force survey (Friday)