After Big Downward Revision, New Home Sales Jumped In March Along With Prices
Following the plunge in Existing Home Sales (and Start and Permits), March New Home Sales (unexpectedly) soared – rising 8.8% Mom (+0.9% exp). This big jump (largest MoM since Dec 2022) is made to look a lot better after February’s 0.3% MoM decline was revised dramatically lower (to a 5.1% decline)…
Source: Bloomberg
This MoM jump sent new home sales up 8.3% YoY to 693k SAAR – the highest since Sept 2023…
Source: Bloomberg
Just another downward revision…
Source: Bloomberg
The median new home price rebounded to $430,700 from an upward revised $406,500, further normalizing with existing home sales…
Source: Bloomberg
Mortgage rates above 7% continue to plague existing-home sales, which are “stuck,” National Association of Realtors Chief Economist Lawrence Yun said last week.
Tyler Durden
Tue, 04/23/2024 – 10:22