The Commerce Department also reports new home sales in September ran at a seasonally adjusted annual rate of 593,000. That was 3.1% higher than August’s final figure and 29.8% higher compared to a year ago. The median price was $313,500, 6.7% higher than in August, and 1.9% higher than a year ago. There were 4.8 months’ worth of homes available for sale at the current pace in September, fewer than in August. Many builders report problems finding affordable labor and lots.
Oil prices headed higher after the U.S. Energy Information Administration reported that domestic crude supplies unexpectedly fell by 600,000 barrels the week ended October 21. Analysts polled by S&P Global Platts expected a 400,000-barrel climb, while the American Petroleum Institute yesterday reported a rise of 4.8 million barrels. Gasoline supplies fell by 2 million barrels. December crude is at $49.92 after hitting $50.10 a barrel on the New York Merc.
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.
