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By Dirk van Dijk, CFA

In a very positive sign for the economy, new home sales rose by 6.2% in October to a seasonally adjusted annual rate of 430,000. This far exceeded consensus expectations for an annual new home sales rate of just 404,000. While new home sales are just a small fraction of total homes sales — on Monday, it was reported that Existing Homes Sales were at an annual rate of 6.1 million — new home sales pack a much bigger punch for the economy.

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