US New Home Prices Hit Record High, Sales Hover Near 14-Month Lows
Following yesterday’s surprising rise in existing home sales (as existing home prices top new home prices and homebuyer sentiment crashes), analysts expected a big rebound in new home sales also in July (after three straight months of ugly declines). New Home Sales did rise in July, but only 1.0% MoM (well below the 3.1% MoM jump expected). Notably, the big drop in June was also revised up from -6.6% to -2.6% MoM. Interestingly that miss also helped send the year-over-year change in home sales down 27.2%!
New home sales are hovering at their lowest since April 2020, as median new home prices reach a record high…
The YoY surge in median new home prices rebounded dramatically…
New Home sales were ugly in Northeast and Midwest, where they dropped -24.1% and -20.2% sequentially but rose 1.3% in the South and 14.4% in the West.
Finally, there’s this. As US housing market data has serially disappointed this year, US homebuilder stocks have soared back to record-er and record-er highs…
Decoupled from reality? Or pricing in a nirvanic future of borrow-money-for-free Wall Street landlords and a return to serfdom for the rest of us?
Tue, 08/24/2021 – 10:07