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TD Securities analysts note that the US new home sales surprised to the upside posting a significant 7.1% m/m jump in August (almost doubling consensus expectations looking for a 3.6% increase), following an upward-revised -8.6% contraction (-12.8% before).

Key Quotes

“We note that this series is highly volatile and usually undergoes major revisions month-to-month, so we wouldn’t put too much weight on one data point. However, the trend has been unambiguously to the upside in recent months and continues to suggest positive prospects for the housing sector in Q3.”