US new home sales edged down -0.1% MoM to a SAAR of 737k (vs 710k expected) in October. However, this is up 18.7% compared to the pace a year ago.

• The median sales price fell -3.3% MoM and is down -8.0% YoY to $392,300, while the average sales price was up 3.0% MoM and down just -4.6% YoY.
• Total months’ supply was unchanged at 7.9x in October, but this was down -15.1% YoY.
• 25% of new homes sold in October were priced under $300,000, the lowest percentage in this segment since August 2021.