New Home Sales at six year Highs, But Watch The Revisions

New Home Sales reached a six year high, as reported by the Commerce Department, with sales increasing 0.2 percent to an annual rate of 467,000 units. However, August had a sharp downward revision of to 466,000 from 504,000. Price concessions may be behind the ruse in sales, as the median price dropped nearly 10 percent to $259,000. The year over year rate of minus 4.0 percent is only the second negative reading in the last two years. Initially, the S&P 500 sold off on the report, but it has since regained the levels it as at prior to the release. Shares of the Homebuilder ETF

are trading lower by 0.36 percent at 30.68.