The Commerce Department reports sales of new homes surged to a decade high in October, running at a 685,000 seasonally adjusted annual rate that was 6.2% higher than the downwardly revised September and 18.7% higher than a year ago. At the current sales pace, it would take 4.9 months to exhaust available supply, down frpk September’s 5.2 months. The median price is $312,800, 3% higher than a year ago.
January West Texas Intermediate crude is down 1.9% to $57.85 a barrel on the New York Merc. investors are looking ahead to Thursday’s meeting in Vienna of members of the Organization of the Petroleum Exporting Countries and nonmember oil producers, including Russia. Some expect that gathering will produce an extension to the output-cut deal announced in January.
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.
