New Home Sales – Tightrope Walk Over a Windy Canyon

The Commerce Department reported today that sales of newly built homes posted a seasonally adjusted month to month increase of 3.1% to an annualized rate of 593,000. The department revised the August headline number down by 5.6% from 609,000 to 575,000. Without that revision the headline number this month would have been down by 2.7%. Surprise, surprise. Revise, revise.
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