After unexpectedly surging in March, new home sales plunged 4.7% MoM in April (considerably worse than the 2.2% MoM decline expected). This dragged new home sales down 7.7% YoY...
Source: Bloomberg
As usual, previous data was revised downwards...
Source: Bloomberg
With revisions, new home sales SAAR fell to 634k - basically unchanged for eight years...
Source: Bloomberg
New home sales median price remains near record highs...
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.
Source: Bloomberg
Just how long can homebuilders fill this gap?
