Time: 10:00am NY Times
Actual: 342K Forecast: 360K Previous: 344K
Annualized number of new single-family homes that were sold during the previous month; While this is monthly data, it’s reported in an annualized format (monthly figure x12). Tends to have more impact when it’s released ahead of Existing Home Sales because the reports are tightly correlated.
It’s a leading indicator of economic health because the sale of a new home triggers a wide-reaching ripple effect. For example, furniture and appliances are purchased for the home, a mortgage is sold by the financing bank, and brokers are paid to execute the transaction.
Update: This trade was based on the market cycle with positive 60 pips of profits.