New Home Sales Plunge In January As Mortgage Rates Spiked
After rising for two straight months, US New Home Sales were expected to decline 2.6% MoM in January data released today... and drop they did. New Home Sales puked 10.5% MoM in January (from a hugely upwardly revised December print of +8.1% from +3.6%)...
Source: Bloomberg
That dragged sales down 1.1% YoY...
Source: Bloomberg
Some have argued that winter weather impacted sales... to which we retort - aren't there winter storms every year around this time of year? Maybe the analysts were stuck in rainbows and unicorn land?
The median price of new homes surged to $446k from $415k...
Source: Bloomberg
Finally, some might argue that the recent drop back towards 7.00% in mortgage rates may encourage sales in February...
Source: Bloomberg
...we won't be holding our breath (especially for new homes in DC).
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