New-home sales are report as up. But they are only up because last month’s sales were revised way down. Sales are down from the previously-reported figure.
New-home sales rise after big downward revisions,
Sales of new homes rebounded in September from summer sales levels that were much weaker than previously reported, the Commerce Department reported Thursday.
Sales increased 4.8% to a seasonally adjusted annual rate of 770,000 from a revised 735,000 in August. Previously, August’s sales had been reported at a 795,000 pace.
September’s sales were slightly higher than the 758,000 pace expected by economists surveyed by MarketWatch.
The three previous months were revised sharply lower, which means the housing market was much weaker in the middle of the year than previous believed, and no one believed it was strong.
Got that? The previous three months were actually much worse than reported.