The Commerce Department said new home sales in October rose 6.2%. That marks the third straight monthly gain and the best sales since October 2007. There is a shrinking supply of existing homes for sale. There is only 4.9 months' supply of newly-built homes on the market, the lowest reading since July 2016. The number of sales listings for existing homes has tumbled 10.4% from a year ago to just 1.8 million, according to the National Association of Realtors. That's the fewest number of homes on the market for any October since the Realtors began tracking the data in 1999. The average sales price of a new home jumped 13.6% over the past 12 months to $400,200. (FBN)
According to Adobe Analytics, online sales on Thanksgiving Day and Black Friday rose 17.9% to $7.9B. Online sales on Black Friday alone increased nearly 16% to a record $5B. Cyber Monday sales are estimated up 16.5% to a record $6.6B. According to ShopperTrak, Black Friday traffic at retailers was down by <1%. According to price-tracking firm Market Track, the average Black Friday advertised discount across 17 categories was 45% this year compared with 48% last year. Only three of eight major retailers offered deeper discounts than they did a year ago. (LPL)
With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Troy Reinhart.