US New Home Sales Rise In August, Remain Below Pre-COVID Levels
After a disappointing (and surprise) slump in existing home sales, new-home-sales were expected to extend the very modest July rebound (+1.0% MoM) in August (+1.0% MoM exp) and they were right with new home sales rising 1.5% MoM (and July’s 1.0% MoM revised dramatically higher to a 6.4% MoM surge)
New home sales remain down over 24% year-over-year – the weakest in a decade.
Notably, the growth in new home sales was entirely driven by “homes not started”…
With “Completed” home sales at their lowest since 2016…
The SAAR of new home sales remains below pre-COVID levels…
And while sales dropped over 24% YoY, median new home price rose over 20% YoY…
Finally, we remind readers that homebuyer sentiment and homebuilder sentiment could not possibly be more divergent…
Can Jay Powell really afford to upset those homebuilders with his taper? What do homeowners know?
Fri, 09/24/2021 – 10:07